WASHINGTON — The economy grew at a moderate pace this summer in eight of the Federal Reserve’s 12 U.S. districts, a slowdown that may make policymakers cautious about an interest rate hike.
The Fed’s “Beige Book” survey of business conditions, released Wednesday, found that growth weakened in two districts — Philadelphia and Richmond. The economy was unchanged in New York and Kansas City. In its last report in July, growth was modest or moderate in 11 of 12 districts.
