July 14, 2021 | 14:19
The Beige Book ... Warming Up
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As Fed Chair Powell testimony to the House Financial Services Committee heads into its 3rd hour (seriously... that is way too long for anyone to sit through), his staff released the latest Beige Book, the 5th one this year. With information gathered by the Boston Fed, up to and including July 2, the broader assessment was this: the U.S. economy strengthened further, displaying moderate to robust growth.
Wait. What? ROBUST?
I can't remember when that word was used. Fascinating. But here are the key points:
Bottom Line: The Fed Chair continues to downplay tapering talk, sees the current stance as appropriate, but is watching inflation carefully. As I said earlier this morning, methinks the debate about an earlier taper versus a later taper will get a little more heated at the next meeting in two weeks time.