Fed’s Beige Book Highlights
The so-called Federal Reserve Beige Book is out and there is some good news and bad news here for bulls and bears alike. The bad news as far as the free money stimulus crowd is concerned is that the call…
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Overall the economy expanded at a modest to moderate pace. Residential real estate showed some improvement and loan demand was up in eight of the Federal Reserves districts.
Many districts were noted as complaining about higher transportation and shipping costs due to higher fuel prices. Manufacturers were called optimistic on growth and expanding in most districts, but those businesses remain concerned about oil and energy prices. Wage pressure was called ‘constrained’ while overall price inflation was modest.
At the consumer level gas prices are called a concern, but the overall outlook on household spending was called encouraging. The warm weather was credited with helping some of the retail sales growth. New vehicle sales were called strong and tourism was even up in most districts.
JON C. OGG
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
