US DATA: Beige book for Jan 24-25 FOMC is more upbeat, as expected.
Says US “expanded at a modest to moderate pace” in late Nov-end Dec.
7 Dists called growth modest; “of the remaining 5, NY and Chi noted a
pickup”; Dallas and SF reported moderate growth; Richmond said activity
flattened or improved slightly. Vs Oct, “on balance suggests ongoing
improvement… with most Dists highlighting more favorable conditions.”
Consumer spending picked up; saw significant gains in holiday retail
sales YOY. Travel and tourism expanded. Demand strengthened for nonfinl
services, mfg continued to expand, and farm/resources reported robust
conditions. Activity stayed sluggish in residl real estate and comml
real estate remained somewhat soft but improved in some Dists. Banks saw
uptick in loan demand and improvements in overall credit quality. Upward
price pressures and price increases remained quite limited and wage
pressures were modest overall. SF Fed summarized; book closed Dec 30.