Economic Buzz: Beige Book Hints Fed On Track For June Rate Hike

The Federal Beige book hinted that it will raise interest rates in June saying that U.S. economic activity expanded moderately in late April and early May with few shifts in the pattern of growth. This was the chief assessment of the Feds Beige Book, an collection of anecdotal readings on the economy published eight times a year. The Fed said Manufacturing shifted into higher gear with most districts reporting a pickup in industrial activity and a third of the Districts classifying activity as strong.