Federal Reserve officials reinforced expectations for a Decemberinterest-rate increase by subtly upgrading their assessment of theU.S. economy, a day before President Donald Trump plans to unveilhis choice to lead the U.S. central bank.
“Economic activity has been rising at a solid rate despitehurricane-related disruptions,” the Federal Open Market Committeesaid in a statement Wednesday following a two-day meeting inWashington at which they left rates unchanged as expected.
After its meeting in September the FOMC said the economy wasexpanding “moderately.” Wednesday's statement marked the first timesince January 2015 that the committee used the word “solid” todescribe growth.
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