The Fed released its Beige Book on Wednesday. The central bank said that the U.S. economic activity expanded in most districts since the previous Beige Book report.

The Districts of Cleveland's, Atlanta's, Chicago's and Minneapolis' activity grew modestly, Richmond's and San Francisco's economy expanded moderately, Philadelphia's economy rose slightly, St. Louis' and Boston's economies were mixed, the New York District's and the Kansas City District's growth was steady, while Kansas City's activity declined modestly.

The growth outlook was generally optimistic, the Fed said.

Consumer spending rose in the majority of districts.

The manufacturing sector was flat, according to the Beige Book.

Labour markets continued to improve, while wage growth varied from flat to strong across all Districts, the Fed noted.