Fed’s Beige Book: Economic activity was little changed overall in April and early May
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According to Federal Reserve’s Beige Book, “economic activity was little changed overall in April and early May”. The expectations for future growth deteriorated a little, “though contacts still largely expected a further expansion in activity.”
“Employment increased in most Districts, though at a slower pace than in previous reports”, said the Beige Book. On Friday, the Nonfarm payrolls report is due.
The reaction in the currency market to the Beige Book was muted. The US Dollar continued to trim losses, affected by comments from Federal Reserve officials Harker and Jefferson, who suggested that they will vote to keep rates unchanged at the next meeting.
Key takeaways from the Beige Book:
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