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Oct 18 - U.S. economic activity was little changed over the last month and a half, as labor market tightness continued to ease and prices continued to increase at a modest pace, according to a Federal Reserve report published on Wednesday.
Retail sales and manufacturing are growing faster than expected, employers have accelerated hiring, and underlying consumer prices rose last month at a 4.1% pace from a year earlier, more than twice the Fed's 2% target, the government data shows. Despite the run of strong economic data since then, traders are betting heavily against any rate change at the upcoming meeting, particularly given the recent rise in longer-term Treasury yields.
Richmond Fed President Thomas Barkin says he is focused on the divide between the macroeconomic data, which suggests economic resiliency, and his own on-the-ground economic intelligence, which suggests more cooling in both spending and inflation.
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