Fed Beige Book Shows Growth Slowing in Some Areas US economic growth looks to have downshifted in recent weeks in the face of headwinds that include rising interest rates and inflation, the Federal Reserve said. Expansion and price gains may be moderating in parts of the country as households and businesses navigate higher rates, the Russian invasion of Ukraine and ongoing disruptions from Covid-19 infections, the central bank said in its Beige Book report Wednesday. “Four districts explicitly noted that the pace of growth had slowed since the prior period,” it said. Business contacts in several districts reported becoming more cautious as their outlooks grew more pessimistic. Fed officials lifted interest rates by a half point in May and signaled they are likely to make similar increases in June and July as they work to tame the hottest inflation in decades. Policy makers are aiming to reduce demand for […]