Fed's Beige Book a glum read
The latest edition of the Federal Reserve's Beige Book, a guide to business conditions in the 12 districts overseen by the regional Feds, indicates that economic activity weakened in September across the US.
Nearly all districts reported reduced activity in nonfinancial service industries. Across all the country, credit conditions were described as being tight with several districts reporting reduced credit availability for both financial and nonfinancial institutions.
Inflationary pressures
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