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.
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.
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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.