The pace of decline has slowed. That seems to be the take away from the Beige Book. The report seems to be in-line with the growing perception that the acceleration in the downturn which followed the Lehman collapse is finally behind us and that we are now reverting to just a recession, not a depression…
Five districts saw improvement in housing, a further sign that the catalyst for the economic upheaval is beginning to improve.
The dollar is steady with EUR/USD at 1.3195 and 99.30. Good dollar buying has been seen from a US custody bank over the last half hour while a money center bank has been a buyer of USD/JPy as well.
