Fed ‘probing’ for right rate level as prospects rise for ‘soft landing’

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By Howard Schneider and Bianca Flowers WASHINGTON/CHICAGO (Reuters) -The chances of a “soft landing” for the U.S. economy appear to be growing, Federal Reserve Vice Chair Lael Brainard said on Thursday, and the central bank is “probing” for the right level of interest rates to control inflation without tanking employment. “Inflation has been declining over the past several months against a backdrop of moderate growth,” Brainard said at the University of Chicago’s Booth School of Business, noting a “significant weakening in the manufacturing sector,” a moderation in consumer spending, and other…

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