from Zero Hedge
The Beige Book offered its ubiquitous modest, moderate, mummified growth outlook but added a few points that provide The Fed more ammo for hiking rates.
The key higlights from the report:
- tight labor markets ‘widely noted’ amid modest growth
- U.S. employment, wages grew modestly since mid-april
- price pressures grew slightly in most districts
- contacts in several district ‘generally optimistic’
- consumer spending up modestly, manufacturing mixed
- construction, real estate grew, outlook remained positive
- loan demand up moderately except for Dallas district
- many Fed districts reported steady to good credit availability
- energy sector remained weak
- Chicago, Kansas city Fed districts saw slower growth pace
- Dallas Fed district grew ‘marginally,’ New York generally flat
Some key anecdotes from the regional feds: