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Reuters
U.S. consumer spending rebounds, but high inflation eroding demand
WASHINGTON (Reuters) -U.S. consumer spending increased more than expected in August, but aggressive interest rate hikes from the Federal Reserve as it battles stubbornly high inflation are slowing demand, which could limit an anticipated rebound in economic growth in the third quarter. The report from the Commerce Department on Friday also showed underlying inflation pressures building up last month. The U.S. central bank last week raised its policy interest rate by 75 basis points, its third straight increase of that size, and signaled more large increases to come this year.
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