This book is produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee. On each occasion, a different Fed district bank compiles anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts. Why Investors Care
Highlights
There was little surprise in the Fed's Beige Book, which pointed to steady but perhaps slowing economic growth. The report, which will be used at the Fed's policy meeting at month end, contrasts slightly with the prior report, which stressed the strength of growth and the risk of inflation. Today's report fits in with most economic data that are pointing to slowing growth and slowing inflationary pressures. Below is a summary:
"Economic activity continued to expand in all twelve districts; Philadelphia noted that growth had eased, Boston and Cleveland saw some unevenness across sectors. Consumer spending was mixed, some districts reported higher gasoline prices cut into other sales, while cooler weather also slowed some sales activity. Residential real estate markets were quite positive overall, with some improvement in commercial real estate markets. Manufacturing continued to expand, although several districts saw production slower or leveling off. Most districts had increased or solid loan demand. Labor market conditions continued to improve, with pockets of skilled labor shortages in Dallas, Atlanta and San Francisco. Retail price increases remained modest overall."
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