WASHINGTON (Reuters) - Economic activity has been slow across most of the United States in recent weeks, but there has been some relief from high commodity and energy prices, the Federal Reserve said on Wednesday."The pace of economic activity has been slow in most districts," the Fed said in its Beige Book report on the state of the economy through August 25.
The Fed said almost parts of the country were feeling price pressures from the high costs of energy, food and commodities. However, some areas noted declines or slower price rises for several industrial commodities and energy prices, the U.S. central bank said.
The Fed's interest-rate setting panel is set to meet to September 16 and is expected to hold benchmark interest rates steady at 2 percent, where they have been since April. The Fed brought rates down 3.25 percentage points since September 2007 to buffer the economy from financial market turmoil and the housing market collapse.
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