Federal Reserve Bank directors in favor of maintaining the primary credit rate
generally noted moderate growth in overall economic activity. Although the outlook had
improved somewhat, directors expected that growth would continue to be gradual and
uneven over the coming quarters. Several directors reported further gains in consumer
spending and retail sales. Conditions in the labor and housing markets were still a
source of concern, despite some hiring activity and positive reports about sales and
construction in the multifamily sector. In addition, many directors indicated that
uncertainty about global financial markets, the economic outlook, and U.S. regulatory
and fiscal policies was contributing to ongoing caution and restraint on the part of
consumers and businesses. Inflationary pressures had eased from earlier in the year,
and longer-term inflation expectations had remained stable. Against this backdrop,
most directors recommended that the current primary credit rate be maintained
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