Read it here first: Fed Says Holiday Sales Disappointing
Shorter Beige Book:
"The Federal Reserve said economic activity increased "at a slower pace'' in late November and December, with districts reporting "disappointing'' holiday sales.
"Economic activity increased modestly during the survey period,'' though "at a slower pace,'' the central bank said in its regional business survey, known as the Beige Book for the color of its cover. "Most reports on retail activity indicated subdued holiday spending and further weakness in auto sales.''
The report provided anecdotal evidence the economy is slowing, a day before Fed Chairman Ben S. Bernanke is scheduled to testify on the outlook at Congress. Bernanke said last week more rate cuts "may well be necessary'' after 1 percentage point of reductions since September to buttress growth."
Of course, the Fed would have known this had they been here at The Big Picture as often as some of their staff.
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Sources:
Summary of Commentary on Current Economic Conditions by Federal Reserve District
Federal Reserve Bank of Atlanta, January 16, 2008
http://www.federalreserve.gov/fomc/beigebook/2008/20080116/default.htm
Fed Says Economy Slowed at Year-End, With Sales `Disappointing'
Steve Matthews
Bloomberg, Jan. 16 2007
http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ3n7g1Qv.U8&
Wednesday, January 16, 2008 | 04:30 PM | Permalink
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Here is the first mainstream news article I have seen that mentions possible depression.
http://biz.yahoo.com/ap/080116/bank_earns.html?.v=3
Posted by: Steve Barry | Jan 16, 2008 4:49:19 PM
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