Fed's Beige Book finds economic outlook is 'positive' despite trade worries
The outlook: Business contacts were generally positive through early July about the economic outlook for the coming months despite “widespread concerns about the possible negative impact of trade-related uncertainty,” according to the “Beige Book” survey released by the Federal Reserve on Wednesday.
What happened: The survey found that the economy expanded at modest pace from mid-May through early July, little changed from the spring. In line with recent, data, retail sales were up slightly while manufacturing was flat. Price pressures were muted, with the rate of price inflation described as “stable to down.” Firms remain unable to pass along higher input prices to their customers because of “brisk competition.
Big picture: The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting and this report didn’t alter that outlook. Fed officials have said a rate cut would guard against potential downside risks to the economy from the long-running Sino-American trade dispute and might also boost inflation, which has been soft since the beginning of the year.Market reaction: Stocks added to losses after the Beige Book was released.
Greg Robb Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.
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