Fed report shows optimism about US economic outlook

The US economy continued growing in October and November amid widespread optimism that the world’s biggest engine would stay on track, according to a Federal Reserve report released Wednesday. For the first time in more than a year, the Fed dropped its “modest” and moderate” descriptions of overall growth, saying simply that reports suggest “that national economic activity continued to expand” in the last two months. Consumer spending, which accounts for about two-thirds of US output, “continued to advance” in most districts, said the report. It will inform discussions at the Federal Open Market Committee’s last monetary policy meeting of the year, on December 16 and 17.

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