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Beige Book Synopsis in Two Words: Modest, Moderate (In One Word – Useless)

Courtesy of Mish.

The Fed’s Beige Book is a summation of useless anecdotal information compiled by Fed governors from each of the Fed’s 12 regions, eight times a year.

The report is 36 pages long so inquiring minds may be seeking a short version.

Rates of Expansion

  • Moderate Expansion: San Francisco, Cleveland, New York
  • Moderately Expanding: Dallas
  • Modest Expansion: Philadelphia, Chicago, St. Louis
  • Modestly Expanding: Richmond, Kansas City, Minneapolis, Atlanta
  • Modestly to Moderate Expansion: Boston

Those keeping closer score will note that Chicago “growth slowed to a modest pace”. Emphasis mine.

St. Louis “economic activity improved at a modest pace”.

In Kansas City, “manufacturing and other business services expanded at a moderate pace, and energy activity continued to increase modestly”.

Boston business reports indicate that “revenues at most manufacturing and retail firms continued to expand modestly to moderately”.

I will spare you the drivel about other regions.


Continue reading here…


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