Oops: Beige Book Sees "Widespread Signs Of Deceleration"

From the opening paragraph, the bolded is not what the market wants to hear:

This is not what the market wanted to hear: "Reports from the twelve Federal Reserve Districts suggested continued growth in national economic activity during the reporting period of mid-July through the end of August, but with widespread signs of a deceleration compared with preceding periods. Economic growth at a modest pace was the most common characterization of overall conditions, as provided by the five western Districts of  St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco. The reports from Boston and Cleveland also pointed to positive developments or net improvements compared with the previous reporting period. However, the remaining Districts of New York, Philadelphia, Richmond, Atlanta, and Chicago  all highlighted mixed conditions or deceleration in overall economic activity."

And the only way for prices is down... i.e. - deflation.

Upward price pressures remained quite limited for most categories of final goods and services, despite higher prices for selected commodities [ahem, bitchez] such as grains and some industrial materials. Wage pressures also were limited, although a few Districts noted increased upward pressures in a narrow set of sectors experiencing a mismatch between job requirements and applicant skills.

Full report: