US DATA: Fed Beige book for Nov 2-3 FOMC says “national economic
activity continued to rise, albeit at a modest pace” vs Sept 8 book that
saw “continued growth… but with widespread signs of a deceleration.”
Thus it is a slightly stronger summary. Nov mfg continued to expand, and
services were stable to modestly increasing. Consumer spending was
steady to up slightly but price-sensitive & mostly limited to
necessities. Hsg remained weak, commercial RE also was weak, and lending
stable. Prices were stable as input prices rose and were not passed
through. Farm conditions seen as favorable. Energy expanded. Wage
pressures were minimal. Book was summarized at Dallas Fed and had a
cutoff date of Oct 8.