Highlights of the April 19, 2017 Beige Book
- More firms cite high labor turnover and difficulty retaining workers
- Employers had a harder time filling low-skilled jobs
- Prices rose modestly on balance since last Beige Book
- Cites stronger light vehicle sales, softer retail sales ex autos
- Economy grew at modest to moderate pace
- Richmond Fed prepared Beige Book
- Manufacturing continued to expand at modest to moderate pace
- Firms mostly expected mild to moderate price growth over next several months
The comments on wages are USD-bullish. It's the kind of thing that would increase the confidence of the bulls on rate hikes. That said, the Beige Book isn't going to send a stronger signal than 10-year notes, which are telling the Fed not to worry about inflation.