The Fed released its Beige Book on Wednesday. The central bank said that the U.S. economic activity continued to grow modestly from mid-August through early October, but a strong U.S. dollar and the slowdown in the Chinese economy weighed on the manufacturing sector in the U.S.

The New York, Philadelphia, Cleveland, Atlanta, Chicago, and St. Louis Districts expanded modestly, the Minneapolis, Dallas, and San Francisco Districts grew moderately, Boston's and Richmond's activity rose, while Kansas City' activity declined.

The Fed noted that labour markets tightened in most districts, but wage growth was mostly subdued.