Fed Says They Are Slowing Down On Rate Hikes

The government says the U.S. economy grew at a 2.9% annual rate from July through September. Most signs have pointed to a resilient slow-moving economy led by steady hiring, plentiful job openings, and low unemployment. However, Wednesday’s government report showed solid gains in exports and consumer spending that was stronger than initially reported restoration of growth in the July-September period. As a result, the Fed says they are slowing down, raising interest rates.