Fed Says Economy Expanded at ‘Modest to Moderate’ Pace

The Federal Reserve said the U.S. economy expanded at a “modest to moderate pace” in January and early February as factories increased production.

“Manufacturing continued to expand at a steady pace across the nation,” with “several districts indicating gains in capital spending, especially in auto-related industries,” the Fed said today in its Beige Book business survey, published two weeks before the Federal Open Market Committee meets to set monetary policy.