I'll then turn to the outlook for inflation, where we saw moderation in some measures in October, but to a level that remains unacceptably high. I'll finish up with how I expect monetary policy will evolve in the coming months to reduce inflation and return it to the Federal Open Market Committee's (FOMC) 2 percent goal.
Economic growth in the United States has slowed significantly in 2022, and I expect that slow growth to continue into next year. After shrinking slightly in the first half of this year, real gross domestic product rebounded in the third quarter to a 2.6 percent annual growth rate.