Fed Sees Moderating Growth and Inflation Pressures Ahead

U.S. economic activity was little changed over the last 6 weeks, with continued easing of labor market tightness and modest price increases.

Outlook described as stable or slightly weaker growth. Firms expect slower price increases in coming quarters.

Divide highlighted between strong macro data and weaker anecdotes from Fed districts.

Some signs of emerging strains as wage growth slows and price pressures ease.

Fed policymakers want to see how data evolves before deciding on policy path.