The Fed released its Beige Book on Wednesday. The central bank said that the U.S. economic activity continued to grow modestly from early-October through mid-November.

The Districts of Cleveland's, Richmond's, Atlanta's, Chicago's, St. Louis', Dallas' and San Francisco's activity grew modestly, the Minneapolis District's economy expanded moderately, the Kansas City District's growth was steady, Boston's activity was "somewhat slower", while the New York District's economic conditions levelled off.

The Fed noted that labour markets tightened in most districts, while "wage pressures increased only for skilled occupations and for workers that were in short supply".

Consumer spending rose in nearly all Districts since the previous report.

Conditions in the manufacturing sector were mixed as the strong dollar, low commodity prices, and weak global demand weighed on the sector's activity.