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March 7, 2001 4:18 PM, EST

The U.S. Federal Reserve said Wednesday it found the U.S. economy experiencing “sluggish to modest” growth through mid-February, in a report that financial markets interpreted as helping the case for the Fed to soon cut interest rates again.

In its latest “Beige Book” snapshot report on economic conditions, the Fed said the factory sector continues to decline in most of the country. It noted that consumer spending rose in most regions as retailers discounted products heavily.

Separately, two other economic reports Wednesday showed strength in consumers’ spending attitudes and in the housing sector.

The Fed’s monthly report on consumer credit said U.S. consumers used charge cards freely in January, so that total consumer installment credit grew by $16.1 billion or more than double December’s $7.1 billion increase.

And the National Association of Realtors revised its January existing home sales data up sharply to a 3.8% gain. NAR had originally said home sales fell 6.6% that month. Transport Topics

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