In its somewhat typical fashion, the Beige Book was dominated by the four 'M' words 'mixed', 'moderate', 'measured', and 'modest' as any weakness was blamed on fiscal cliff uncertainty (even though macro data and the market itself seems to have shrugged all of that silliness off rather dismissively). Employment conditions were little changed, Real Estate prices rose in 11 districts,and energy sector activity was mixed:
- *FED: TRENDS IN WAGES, PRICES, EMPLOYMENT 'RELATIVELY UNCHANGED'
- *FED REGIONAL BANKS REPORT 'MODEST OR MODERATE' ECONOMIC GROWTH
Unleash the anecdotal spin...