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U.S. Economic Outlook Weakens, Inflation Set to Persist - Philly Fed Survey
The U.S. economic outlook has weakened and inflation is set to remain higher than previously expected for a while yet, a Federal Reserve Bank of Philadelphia survey of professional economic forecasters showed on Friday. Real GDP is forecast to grow at a 2.3% annual rate this quarter, down 1.9 percentage points from the last survey three months ago, with the annual rate seen falling to 2.3% next year and 2.0% in 2024, both lower than the previous estimate. The Philadelphia Fed's latest snapshot of the views of 34 leading economic forecasters also revealed they project current-quarter headline Consumer Price Index ... (full story)