The report "Beige Book" standard comes out exactly 14 days before the Fed decision on rates. It is based on the reports of 12 regional Fed banks on the state of the economy in their region.
All counties reported GDP growth but most of the growth rate is declining. Everyone notes a slowdown.
Prices are rising moderately and there is a slowdown.
All countries note the fear of a negative increase in duties against China.
The only area of strong growth is the labor market. There is an acute shortage of labor, especially skilled in some districts.
What does this mean in relation to the Fed?
It is likely that the rate in December will increase by + 0.25%. But it is also quite likely that the Fed will let markets understand that a further increase "will depend on new data". In other words, the rate is already neutral and does not require an increase if there is no inflation.
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