Fed upgrades growth assesment to ‘moderate’ in Beige book

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Full text of the April Beige Book.

The anecdotal report says “overall economic activity expanded at a moderate pace” compared to a “modest to moderate pace” in the previous report.

  • 5 regions saw ‘modest’ growth, 5 regions saw ‘moderate’ growth and 2 regions said expansion accelerated
  • Most banks noted a marked improvement in real estate
  • Consumer spending grew modestly
  • Factory activity up in most districts
  • Information collected on or before April 5

The report is more upbeat than the previous Beige Book, which is a surprise given softening economic data. It hints that the oft-cited season factors for the poor numbers may be for real.

Author: Adam Button

Adam Button is the managing editor of ForexLiveâ„¢. He was previously the chief currency strategist at XForex and has also worked with Intermarket Strategy. Adam believes there's an edge in knowing every tidbit of news. He was formerly the head of the markets team at the Canadian Economic Press and is a graduate of Ryerson University. Adam lives in Montreal, follow him on Twitter: @FX_Button.


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  1. Hi Adam.. Legarde just tweeted to join her online at 4pm ET today in a panel discussion on the evolving role of fiscal policy bit.ly/15fDojc

  2. Thanks Nymph, I’ll check it out.

  3. Really, the Fed said there was moderate growth? What else would they say? With all the money they have printed I’m shocked their “measure of growth” isn’t even more upbeat. A complete sham…pure poppycock!


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