- Consumer spending up slightly; limited mostly to necessities
- Housing weak, prices stabilizing, construction weak
- Home inventories elevated or rising
- Commodity prices rising but not being passed onto consumers
- Prices for final goods stable
- Hiring limited, firms reluctant to add to payrolls due to economic softness
Not a horrible Beige Book put not strong enough, in all likelihood to change the Fed’s pre-ordained path.
EUR/USD is little changed while stocks are holding up as well.
Talking heads on CNBC think it gives the Fed wiggle room to hold off on QE…I disagree. That ship has sailed, whether we agree with the policy or not.
