The economy grew at a moderate or modest pace this summer in eight of the Federal Reserve's 12 U.S. districts, a slowdown from previous reports that may make Fed policymakers more cautious about an interest rate hike.
The Fed's "Beige Book" survey of business conditions,
released Wednesday, found that growth weakened in two districts —
Philadelphia and Richmond. The economy was unchanged in New York and
Kansas City. In its last report in July, growth was modest or moderate
in 11 of 12 districts.. . . more