Federal Reserve officials reinforced expectations for a December interest-rate increase by subtly upgrading their assessment of the U.S. economy, a day before President Donald Trump plans to unveil his choice to lead the U.S. central bank.
“Economic activity has been rising at a solid rate despite hurricane-related disruptions,” the Federal Open Market Committee said in a statement Wednesday following a two-day meeting in Washington at which they left rates unchanged as expected.
After its meeting in September the FOMC said the economy was expanding “moderately.” Wednesday's statement marked the first time since January 2015 that the committee used the word “solid” to describe growth.
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