Another Beige Book comes and goes providing little real color as to anything useful about the real world. The excessive use of words synonymous with 'mediocre' appears to be the best we can do (on a $1 trillion deficit?) - but of course, the Dow is still near all-time highs...
- *FED SAYS ECONOMY GREW AT 'MODEST TO MODERATE PACE' IN FEBRUARY
- *FED SAYS 'MANUFACTURING MODESTLY IMPROVED IN MOST REGIONS'
- *FED SAYS SEVERAL DISTRICTS REPORTED 'RESTRAINED HIRING'
- *FED SAYS MOST DISTRICTS SAW MODEST PRESSURES ON PRICES
- *FED SAYS 'WAGE PRESSURES WERE MOSTLY LIMITED'
Of course, the spin will be, at least it's not bad... the S&P is 3 points off the highs, BTFD. Perhaps of most note, though: "Many District contacts commented on the expired payroll tax holiday and the Affordable Care Act as having restrained sales growth."
...and as Steve Liesman noted:
Second Beige Book in a row where businesses complain that Affordable Care Act is costing the country jobs
— steve liesman (@steveliesman) March 6, 2013 [5]

