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Fed survey finds US economy being hurt by trade battles

“Persistent trade tensions and slower global growth” were weighing on the economy, the Federal Reserve reported.

WASHINGTON — The U.S. economy was expanding at a modest pace in September and into October despite the fact manufacturing was being hurt by rising trade tensions and weaker global growth while adverse weather was affecting farmers.

The Federal Reserve, issuing its latest assessment of business conditions around the country, reported that "persistent trade tensions and slower global growth" were weighing on the economy.

The survey, known as the Beige Book, will be used by Fed officials when they meet Oct. 29-30 to decide whether to cut interest rates for the third time this year.

Financial markets are expecting a third rate cut as the central bank seeks to protect the economic expansion from the fallout from a trade war between the United States and China.