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A key bellwether for the U.S. economy improved by much more than expected in March, indicating that the economy is defying predictions of a slowdown and acting doubt on the idea current interest rates are a burden on the economy.
This is the first reading above 50, indicating an expansion in the manufacturing sector, after 16 months of contraction. The recovery of manufacturing may indicate that interest rates are not restricting economic activity as much as many economists and Fed officials expected. Fed chair Jerome Powell and other Fed officials have said they expect it will be appropriate to cut interest rates this year, although they are waiting for additional evidence that inflation is falling back down to two percent on a sustainable basis before they begin to cut.
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