Gary Siegel

The region's manufacturing sector grew in November, as the general business conditions index climbed to positive 1.9 from negative 4.5 in October, this month's Federal Reserve Bank of Philadelphia Report on Business indicates.

Members of the Federal Open Market Committee supported the idea of including a reference to the possibility of raising rates at its December meeting in its statement, although members at that meeting wanted more information before deciding to raise rates, according to minutes from the meeting, released Wednesday.

The Federal Open Market Committee was "prudent" to not raise rates at its last two meetings, according to Federal Reserve Bank of Dallas President and CEO Rob Kaplan, who noted that accommodation, although not necessarily near zero rates, would be appropriate for "some time."

The Fed Oversight Reform and Modernization Act would "severely impair" the central bank's ability to meet it Congressional mandates and "severely damage" the economy, should it be enacted, Federal Reserve Board Chair Janet Yellen wrote in a letter to Congress.

Builders' confidence in the market for new single-family homes was lower as the National Association of Home Builders' housing market index fell to 62 in November from 65 in October.

Industrial production declined 0.2% in October, the Federal Reserve reported Tuesday.

The New York region's service sector activity "declined for the first time in more than a year," according to the Federal Reserve Bank of New York's November Business Leaders Survey, released Tuesday.

The Empire State Manufacturing Survey showed "business activity declined for a fourth consecutive month for New York manufacturers," the Federal Reserve Bank of New York reported Thursday, as the general business conditions index narrowed to negative 10.74 in November from negative 11.36 in October.

Labor market "conditions continue to improve" as the Federal Reserve Bank of Kansas City Labor Market Conditions Indicators (LMCI) narrowed to negative 0.056 in October from negative 0.112 in September, according to the Bank.

The University of Michigan's preliminary November consumer sentiment index reading was 93.1, compared to the final October 90.0 and the preliminary October 92.1, according to market sources.

The economy can handle a rate hike, Federal Reserve Bank of Cleveland President Loretta J. Mester said Friday.

The federal government ran a $136.5 billion budget deficit in October, the Treasury Department reported Thursday.

The economy is progressing, despite some issues, and the conditions may soon be met to allow the Federal Open Market Committee to begin normalization, Federal Reserve Bank of New York President and Chief Executive Officer William C. Dudley said Thursday, noting he would not predict whether rates will be increased at the FOMC December meeting.

Interest rates should remain low since inflation will be below target until at least 2018, according to Federal Reserve Bank of Chicago President and Chief Executive Officer Charles L. Evans.

The time has come to raise the fed funds target rate and start edging the Fed's balance sheet "toward more normal settings," Federal Reserve Bank of St. Louis President and CEO James Bullard said Thursday.

Neel Kashkari has been chosen to replace Narayana Kocherlakota as president and chief executive officer of the Federal Reserve Bank of Minneapolis, effective Jan. 1, 2016, the Bank announced Tuesday.

Small business optimism was flat in October, with the National Federation of Independent Business' monthly Small Business Optimism index published Tuesday remaining at 96.1.

U.S. inflationary pressures were up in October, as the U.S. future inflation gauge grew to 102.1 from an upwardly revised 101.7 reading in September, first reported as 101.0, according to data released Friday morning by the Economic Cycle Research Institute.

Although he sees liftoff as "a close call," Federal Reserve Bank of Atlanta President and CEO Dennis Lockhart said Thursday risks that led to the Federal Open Market Committee holding rates at its last two meetings are dissipating and "the case for liftoff will continue to firm up."

The U.S. services sector expanded at a faster pace in October as the non-manufacturing business activity composite index was 59.1 in the month, compared to 56.9 in September, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.