US DATA: Fed Beige Book prepared for Jun 19-20 FOMC did not alter
the outlook much vs April, but it closed May 25 prior to the employment
data release. It says econ grew “at a moderate pace” vs April’s
description of “a modest to moderate pace.” Growth was slower in Philly,
steady in Boston. Hiring seen flat to up slightly; wage & price pressure
modest. Consumer spending flat to positive, mfg expanded, lenders
reported improved demand. Auto sales still strong, inventories tight.
Res real estate improved in most areas. Business contract were “slightly
more guarded.” Book was summarized at Dallas Fed.
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US DATA: Fed Beige Book prepared for Jun 19-20 FOMC..
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