WASHINGTON – A Federal Reserve survey indicates the economy kept expanding in all regions of the country in June and early July, helped by strength in consumer spending.
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All 12 of the Fed's regions reported growth with five — New York, Chicago, Minneapolis, Dallas and San Francisco — characterizing growth as "moderate" while the others reported "modest" growth. Boston and Richmond reported that growth came in at a slightly slower pace.
The Fed's survey, known as the Beige Book, will be used by central bank officials when they next meet July 29-30 to review interest rate policies.
Analysts widely believe that the Fed will decide to keep its short-term interest rate at a record low near zero and authorize another reduction in its bond purchases aimed at keeping long-term interest rates low.