The market does not seem ecstatic with the relative positivity from the Fed's Beige Book - good news is bad it seems (check to Draghi) - as via Bloomberg:
- *FED DISTRICTS SAW ECONOMY GROWING `GRADUALLY' IN JULY, AUGUST
- *FED SAYS MOST DISTRICTS SAW STABLE PRICES FOR FINISHED GOODS
- *FED SAYS `UPWARD WAGE PRESSURE' WAS `VERY CONTAINED'
- *FED SAYS REAL ESTATE MARKETS `GENERALLY SAID TO BE IMPROVING'
- *FED SAYS SIX DISTRICTS SAID ECONOMY EXPANDED `AT A MODEST PACE'
- *FED SAYS MOST DISTRICTS SAW INCREASE IN RETAIL SALES
- *FED SAYS BANKERS IN SIX DISTRICTS SAW RISING LOAN DEMAND
with the world cloud sending positive signals (Via the Fed)... Sales, demand, activity growth... this will never do if we are going to get NEW QE
We are sure soon enough somone will be on to point out just how bad things really are... we need our Kool Aid.