Federal Reserve Beige Book: Modest economic growth, but some regional weaknesses

The Beige Book provided a generally upbeat view of growth in the U.S. in the period from early April through late May. The report appears to strengthen the case the Fed will raise a key short-term interest rate again at its next big meeting in two weeks.  Although the economy expanded at “modest to moderate” pace through late May, growth frayed in some regions, raising questions about whether the central bank will reassess its strategy after an expected increase in interest rates in mid-June.

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