Fed Says U.S. Economy Held Up Amid First Signs of Virus Impact

The U.S. economy expanded at a modest to moderate rate in the first weeks of the year, according to a Federal Reserve survey taken just as the virus outbreak was beginning to impact some businesses and unnerve financial markets.

“There were indications that the coronavirus was negatively impacting travel and tourism,” according to the report released Wednesday in Washington, based on anecdotal information collected by the 12 regional reserve banks through Feb. 24.