U.S. Consumer Spending Soft, Inflation Benign As Economy Slows
U.S. consumer spending barely rose in January and income increased modestly in February, suggesting the economy was fast losing momentum after growth slowed in the fourth quarter.
The report from the Commerce Department showed price pressures muted in January, with a measure of overall inflation posting its smallest annual increase in nearly 2-1/2 years.
The U.S. central bank abandoned projections for any interest rate hikes this year after increasing borrowing costs four times in 2018, in a nod to the slowing economy, low inflation and rising headwinds to growth.
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