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NEW YORK (Reuters) -U.S. Federal Reserve Chair Jerome Powell on Wednesday said the economy is stronger now than the central bank had expected in September when it began reducing interest rates, and appeared to signal his support for a slower pace of interest-rate cuts ahead. “The U.S. economy is in very good shape and there’s no reason for that not to continue ...the downside risks appear to be less in the labor market, growth is definitely stronger than we thought, and inflation has come in a little higher," Powell said at a New York Times event. His remarks during a wide-ranging half-hour interview that touched only lightly on monetary policy and the economy are likely his last before the Dec. 17-18 policy meeting, as the quiet period when Fed officials refrain from speaking about monetary policy ahead of a meeting starts on Saturday.

Chair Jerome Powell said Wednesday that the Federal Reserve's ability to set interest rates free of political interference is necessary for it to make decisions to serve “all Americans” rather than a political party or political outcome. Speaking at the New York Times’ DealBook summit, Powell addressed a question about President-elect Donald Trump's numerous public criticisms of the Fed and of Powell himself. During the election campaign, Trump had insisted that as president, he should have a “say” in the Fed's interest rate policies.

(Bloomberg) -- Economic activity increased slightly in November after little change in preceding months, and US businesses grew more upbeat about demand prospects, the Federal Reserve said in its latest Beige Book survey.Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic Jams“Though growth in economic activity was generally small, expectations for growth rose moderately across most geographies and sector

President-elect Donald Trump has given his choice for Interior secretary a mandate to “Drill baby drill,” and on Wednesday his pick, North Dakota Gov. Doug Burgum, offered a rosy budget picture to lawmakers based largely on his state’s success in extracting near-record levels of oil and gas from the ground. Burgum, whose term ends next week, noted North Dakota's status as the nation's No. 3 oil-producing state in his final proposed budget before he begins his role in Trump's administration, pending Senate confirmation.

"Though growth in economic activity was generally small, expectations for growth rose moderately across most geographies and sectors," the U.S. central bank said in its regular temperature check on the economy, drawing on observations from the business and community contacts of each of its 12 regional banks through Nov. 22. "Business contacts expressed optimism that demand will rise in coming months." While growth in most Fed regions was minimal, it was "modest or moderate" in three districts and was "flat or slightly declining" in two others.

(Bloomberg) -- Tariffs imposed on China during President-elect Donald Trump’s first term had negative effects for the US economy, according to newly released research from the Federal Reserve Bank of New York. Most Read from BloombergAs Wars Rage, Cities Face a Dark New Era of Urban DestructionRiyadh Metro Partially Opens in Bid to Ease City’s Traffic JamsThe findings come as Trump has threatened to wield tariffs more aggressively against US trading partners when he takes office in January, inje

St. Louis Federal Reserve President Alberto Musalem said on Wednesday he expects the U.S. central bank will be able to continue to cut interest rates but isn't ready to say what he thinks should happen at its policy meeting later this month. With inflation likely to continue to ebb to the Fed's 2% target over time, "additional easing of moderately restrictive policy toward neutral will be appropriate over time," Musalem said at a Bloomberg monetary policy conference. Financial markets expect the Fed to cut its policy rate by a quarter of a percentage point from the current 4.50%-4.75% range at its Dec. 17-18 meeting, as it seeks to adjust the stance of policy to easing inflation and a better-balanced labor market.