Business Index Report: Inflation Relief as Fed Campaign Cools Conditions

4Q 2022

Business Conditions Index

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FED POLICY BEGINS TO TAKE HOLD

The Citizens Business Conditions Index™ (CBCI) registered 48.5 in the fourth quarter, reflecting cooling conditions. The lower reading indicates that the aggressive rate hike campaign from the Federal Reserve – supported by the strong labor market – is producing its intended effect. While inflation did not come in at higher-than-expected levels, declining Treasury yields across maturities suggest an uncertain inflation outlook moving forward. Read the full report to understand what the index reveals about the state of the U.S. economy.

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