Fed's Beige Book: moderate economic growth
The United States Federal Reserve's Beige Book on Wednesday revealed economic activity that has gradually expanded at a steady rate from late August to early October.
“Most districts indicated a modest or moderate pace of expansion,” according to the Fed’s report. “Outlooks were mostly positive, with growth expected to continue at a slight to moderate pace in several districts," the report added.
Credit quality remained strong as demand for business and consumer loans increased.
Residential real estate continued to expand despite low home inventories putting pressure on some areas.
The report showed signs of stability in the oil sector after worries of whether or not output would be cut.