Fed reports 'moderate' economic growth to close 2014

The Federal Reserve reported Wednesday that the U.S. economy grew at a "modest to moderate" pace from November through most of December.

In its so-called beige book, the Fed said strong auto sales and an uptick in tourism, among other things, aided the growth. However, it warned that slumping oil prices hindered growth in some parts of the country and could contonue to do so in the new year.

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