Congressional Budget Office

President Biden delivered remarks in the Rose Garden of the White House during his first in-person appearance since contracting Covid-19. Photo: michael reynolds/Shutterstock…

WASHINGTON—U.S. inflation and economic growth are forecast to cool later this year and in 2023, the Congressional Budget Office said Wednesday, reflecting an economy in a moment of transition.The nonpartisan agency’s budget and economic projections came as the Federal Reserve has begun raising interest rates in an effort to combat inflation, actions that some economists and market observers believe are likely to bring an economic slowdown—and possibly a recession—in the U.S. The CBO forecasts are also likely to be…