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The U.S. economy slowed in November and inflation also tapered off, a Federal Reserve survey showed, suggesting the central bank could be finished raising interest rates if those trends continue.
The survey, known as the Beige Book, said the economy has softened since the previous report at the end of summer. The latest survey covers the period of Oct. 6 to Nov. 17.
A slew of top Fed officials have pointed to a recent slowdown in the economy as a sign that higher interest rates are working to reduce growth, ease shortages in the labor market and reduce the rate of inflation.
The economy expanded at a sharp 5.2% annual rate in the third quarter, but it’s on track to grow just 1% to 2% in the final three months of the year, according to the most recent Wall Street forecasts.
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