What’s in the Fed’s Beige Book?
We are economic nerds here at Marketplace, certified federal Reserve fan-followers, so we get pretty excited when the Fed releases its Beige Book. That publication comes out eight times a year, two weeks before each meeting of the central bank’s monetary policymaking committee. The latest one came out Wednesday. The Beige Book has reports on economic conditions from the Fed’s 12 regional banks, with comments from community bankers, real estate brokers, farm-implement suppliers — you name it. Farther south and east, Sean Snaith directs the Institute for Economic Forecasting at the University of Central Florida. “Many were certain that there would be a recession,” he said. “There’s nothing resembling a recession right now happening in Florida, quite the opposite.” Tourism is strong across the region, which is Fed District 6. Consumers, though, are stretched. “We’re expecting some slowing in Florida’s economy because of the erosion of household budgets. But the strength in the labor market is allowing people to at least come up and get their head above water,” Snaith said.
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