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 [4])... Sales, demand, activity growth... this will never do if we are going to get NEW QE
[5]
We are sure soon enough somone will be on to point out just how bad things really are... we need our Kool Aid.