Fed Chairman Jerome Powell said while inflation is coming down across a large swath of the economy, an even larger segment, core services excepting the housing sector, have still not seen any easing.
SALT LAKE CITY — As widely expected, the Federal Reserve announcedto its benchmark lending rate Wednesday, continuing a streak of rate hikes over the past year aiming to quell U.S. inflation that has been running at or near 40-year highs.
"I continue to think that it's very difficult to manage the risk of doing too little and finding out in six or 12 months that we were close but didn't get the job done and inflation springs back," he said. Utah is among Mountain West states that experienced nation-leading regional inflation rates for much of 2022 and that distinction continued in December with inflation running at 7.4% for the area, the highest in the country.
A shopper insights survey from Acosta found 61% of consumers claim they are eating out less, and 52% are spending less on entertainment.
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