This is the economic sweet spot that Federal Reserve officials have been hoping for.
Share on email Consumer prices are no longer rising at a rapid pace — in some cases, costs are falling — a milestone for the economy that has been plagued by high inflation for years.
From the standpoint of the Biden administration, the economy is performing just as they would have hoped. "The story for the last two years has been just how exceptional the performance of the U.S. economy has been, and that's not a secret," Fed chair Jerome Powell told Congress this week.Some goods that have been weighing on consumer budgets in recent years — gas, some grocery items and cars — got cheaper.
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