Wall Street Today | Waller Says Fed Can 'Wait and See' About Rate Decision

"I believe we can wait, watch, and see how the economy evolves before making definitive moves on the path of the policy rate," Federal Reserve Governor Christopher Waller says during remarks before the European Economics and Financial Center in London.

The outlook for the US economy is stable or may show softer expansion, the Federal Reserve said in its Beige Book survey of regional business contacts.

“The near-term outlook for the economy was generally described as stable or having slightly weaker growth,” the Fed said Wednesday in the report, published two weeks before each policy-setting Federal Open Market Committee meeting. “Labor-market tightness continued to ease across the nation.”

Most districts indicated little to no change in economic activity since the September report, according to the Beige Book compiled by the St Louis Fed using information gathered on or before Oct. 6.

“Consumer spending was mixed, especially among general retailers and auto dealers, due to differences in prices and product offerings,” the report stated.

Gold futures rallied on Wednesday, with prices looking to settle at their highest levels since late August after a Gaza City hospital explosion prompted investors to shun risky assets and seek safety in the precious metal. Wednesday's price rise has helped gold outperform the S&P 500 index on a 12-month return basis.

On Comex, the most-active December gold contract rose $34, or 1.8%, to $1,969.80 an ounce after touching a high of $1,975.80. Prices were poised to settle at their highest since Aug. 30, FactSet data show.

Oil prices climbed Wednesday to their highest levels in more than two weeks following a blast at a hospital in Gaza City that left hundreds dead and ratcheted up regional tensions. Iran reportedly called for an embargo on selling oil to Israel.

West Texas Intermediate crude for November delivery rose $2.5, or 2.5%, to $88.83 a barrel on the New York Mercantile Exchange shortly before 2 p.m. ET. Prices for the front-month contract are poised for the highest finish since Oct. 3, FactSet data show.