A Federal Reserve economic survey released Wednesday pointed to elevated recession fears along with a belief that soaring inflation will last at least through the end of the year.
The central bank’s “Beige Book,” a collection of views from across the Fed’s 12 districts, noted the economy is growing at just a “modest” pace since the last report in mid-May.
Along with that, business contacts reported a general slowdown in demand, with five of the districts expressing “concerns over an increased risk of recession.”
“Similar to the previous report, the outlook for future economic growth was mostly negative among reporting Districts, with contacts noting expectations for further weakening of demand over the next six to twelve months,” the report stated.
Click here to see the full report from Jeff Cox at CNBC.com.
