Highlights from the Federal Reserve Beige Book release June 3 2015:

  • Employment levels up slightly overall
  • Wages grew slightly or were stable
  • Economy expanded overall
  • Consumer spending increased across 10 of 12 districts
  • Oil and gas downturn felt in over half of Fed districts
  • Manufacturing mostly flat to higher
  • Strong dollar hurting some industries, negatively affecting exports sales and capital investment
  • Beige Book prepared by Dallas Fed up to May 22
  • Full text of the Beige Book

There isn't much to chew on in the headlines and the market isn't moving.

"Activity in the Richmond, Chicago, Minneapolis, and San Francisco Districts was characterized as growing at a moderate pace, while the New York, Philadelphia, and St. Louis Districts cited modest growth. Contacts in the Boston District reported mixed conditions, and the Cleveland and Kansas City Districts indicated a slight pace of expansion. Compared to the previous report, the pace of growth slowed slightly in the Dallas District but held steady in the Atlanta District. Outlooks among respondents were generally optimistic, with growth expected to continue at a modest to moderate pace in several districts."

Chicago Fed super-dove Evans is up in a few minutes but he's also a longshot to jolt the market.