For those confused, the Fed's Beige Book [6]has been upgraded to the Beige iPad (apparently Ben is not a fan of the black or white version). Regardless, the latest version has just been released spewing forth the usual reflexive platitudes, in which the economy is said to be better because the stock market is higher, and so forth. In other words, the same stuff that completely ignores $110 WTI. Via Bloomberg:
- Manufacturing expanded at “steady pace across the nation,” with increases in new orders, shipments, or production
- Several regions had gains in capital spending, activity in nonfinancial services industries was stable or increased
- Consumer spending reports were generally positive, sales outlook for near future is mostly optimistic
- Residential real estate market improved “somewhat” in most districts, with increased home sales, construction; commercial real estate markets showed “positive results” in
- some regions
- Banking conditions generally improved, tourism remained strong in some districts
- Boston, Richmond districts said economy expanded or improved in most sectors
- “Somewhat faster pace” reported in Philadelphia and Atlanta regions, New York area noted somewhat slower pace of expansion * Expansion moderate in Cleveland, Chicago, Kansas City, Dallas, and San Francisco districts
- St. Louis bank said pace of growth was “modest,” Minneapolis characterized pace as “firm”
And more such headlines which nobody will actually read, except for the algos which scalp the optimistic tone put there precisely for such a purpose.
Full paperback below.