US outlook downbeat as demand weakens

WASHINGTON, D.C.: Economic prospects are becoming "more pessimistic" in the United States on growing worries of weaker demand, the Federal Reserve (Fed) said in a report on Wednesday (Thursday in Manila), citing heightened inflation and rising interest rates.

The US central bank's latest "beige book" survey of economic conditions comes on the back of its aggressive interest rate hikes to cool surging consumer prices, all while trying to avoid tipping the world's biggest economy into a recession.