The US economy continued to expand from mid-May through to the end of June. Meanwhile, inflation showed no sign of a rise any time soon. This is according to the Federal Reserve's Beige Book issued Wednesday.

The report showed a moderate increase in wage pressure in most of the central bank's districts, while price pressure remained slight. However, policymakers were shocked by the lack of sustained progress in moving inflation up to the Fed's 2 percent target. Business investment also has been weak for two straight quarters.

With the US labour market continuing its revival to what is now considered full employment, economists widely expect wages to rise. But only three districts reported wage increases for entry-level staff. The Fed has been tossing around on rate increases this year, and analysts have even lower expectations of a hike after Brexit.