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Economic Update: Fed’s Beige Book
The Fed’s Beige Book (so named due to the color of the cover), which reports on economic conditions from all twelve Federal Reserve Bank Districts, indicated Wednesday that the pace of growth continued to be modest in seven districts, while of the other five districts, New York and Chicago noted a pickup in growth.
Highlights from the report include:
- Price increases and upward price pressures remained limited.
- Manufacturing activity expanded in most districts.
- Consumer spending increased in most districts.
- Residential real estate activity was “steady” at very low levels.
- Overall lending activity increased, mostly due to increased loan demand from businesses.
The market’s reaction has been minimal, with the S&P 500 only off roughly 1 point since the release.
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