The Fed released its Beige Book on Wednesday. The central bank said that the U.S. economy expanded modestly in most districts since the last Beige Book report.

The Districts of Philadelphia, Cleveland, Atlanta, Chicago, St. Louis and Minneapolis activity grew modestly, San Francisco's economy expanded moderately, Chicago's and Kansas City's activity economy rose slowly, Dallas' economy expanded marginally, while the New York District's growth was steady.

The Fed noted that consumer rose modestly in many district, the labour market expanded modestly, while prices increased slightly in most districts.

Manufacturing activity was mixed across districts, while construction activity rose April through mid-May.