As expected, the Beige Book reflects the grim mood on the Street, and holds out little hope for a fast turnaround. Bankruptcy services are a growth area, however.
Equities are holding lower levels, down an additional 20 points or so in the wake of the report. They are now down 130 points on the Dow. EUR/JPY has eased back to 117.40, retracing roughly two-thirds of the late morning rally to 118.50.
