Beige Book Bolsters Bearish Bias
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[BRIEFING.COM] Stocks are hitting fresh session lows as the Beige Book offers little insight as to how the Fed will respond to the current mortgage-related credit crunch.
On a positive note, the report showed that economic activity continued to expand across much of the country, that retail sales remain "generally positive," and that wage increases were moderate or steady. Then again, such comments don't increase the argument for a rate cut at the next FOMC meeting, even though tighter credit standards add some question to the troubled housing outlook.
From Briefing.com at 2.30am