-
Research
-
Latest Research
-
Latest VideosFSI Pro FSI Macro FSI Crypto
- Tom Lee, CFA AC
-
First WordFSI Pro FSI Macro
-
Intraday WordFSI Pro FSI Macro
-
Macro Minute VideoFSI Pro FSI Macro
-
OutlooksFSI Pro FSI Macro
- Mark L. Newton, CMT AC
-
Daily Technical StrategyFSI Pro FSI Macro
-
Live Technical Stock AnalysisFSI Pro FSI Macro
-
OutlooksFSI Pro FSI Macro
- L . Thomas Block
-
US PolicyFSI Pro FSI Macro
- Market Intelligence
-
Your Weekly RoadmapFSI Pro FSI Macro FSI Weekly
-
First to MarketFSI Pro FSI Macro
-
Signal From Noise
-
Earnings DailyFSI Pro FSI Macro FSI Weekly
-
Fed WatchFSI Pro FSI Macro
- Crypto Research
-
StrategyFSI Pro FSI Crypto
-
CommentsFSI Pro FSI Crypto
-
Funding FridaysFSI Pro FSI Crypto
-
Liquid VenturesFSI Pro FSI Crypto
-
Deep ResearchFSI Pro FSI Crypto
-
-
Webinars & More
- Webinars
-
Latest WebinarsFSI Pro FSI Macro FSI Crypto
-
Market OutlookFSI Pro FSI Macro FSI Crypto
-
Granny ShotsFSI Pro FSI Macro FSI Crypto
-
Technical StrategyFSI Pro FSI Macro FSI Crypto
-
CryptoFSI Pro FSI Macro FSI Crypto
-
Special GuestFSI Pro FSI Macro FSI Crypto
- Media Appearances
-
Latest Appearances
-
Tom Lee, CFA AC
-
Mark L. Newton, CMT AC
-
Sean Farrell AC
-
L . Thomas Block
-
⚡FlashInsights
-
Stock Lists
-
Latest Stock Lists
- Super and Sleeper Grannies
-
Stock ListFSI Pro FSI Macro
-
CommentaryFSI Pro FSI Macro
-
HistoricalFSI Pro FSI Macro
- SMID Granny Shots
-
Stock ListFSI Pro FSI Macro
-
PerformanceFSI Pro FSI Macro
-
CommentaryFSI Pro FSI Macro
-
HistoricalFSI Pro FSI Macro
- Upticks
-
IntroFSI Pro FSI Macro
-
Stock ListFSI Pro FSI Macro
-
PerformanceFSI Pro FSI Macro
-
CommentaryFSI Pro FSI Macro
-
FAQFSI Pro FSI Macro
- Sector Allocation
-
IntroFSI Pro FSI Macro
-
Current OutlookFSI Pro FSI Macro
-
Prior OutlooksFSI Pro FSI Macro
-
PerformanceFSI Pro FSI Macro
-
SectorFSI Pro FSI Macro
-
ToolsFSI Pro FSI Macro
-
FAQFSI Pro FSI Macro
-
-
Crypto Picks
-
Latest Crypto Picks
- Crypto Core Strategy
-
IntroFSI Pro FSI Crypto
-
StrategyFSI Pro FSI Crypto
-
PerformanceFSI Pro FSI Crypto
-
ReportsFSI Pro FSI Crypto
-
Historical ChangesFSI Pro FSI Crypto
-
ToolsFSI Pro FSI Crypto
- Crypto Liquid Ventures
-
IntroFSI Pro FSI Crypto
-
StrategyFSI Pro FSI Crypto
-
PerformanceFSI Pro FSI Crypto
-
ReportsFSI Pro FSI Crypto
-
-
Tools
-
FSI Community
-
FSI Snapshot
-
Market Insights
-
FSI Academy
-
Book Recommedations
- Community Activities
-
Intro
-
Community Questions
-
Community Contests
-
Fed Beige Book: Modestly Optimistic Outlook Across Districts Array ( [cookie] => 779786-b82e08-430473-3667ae-c9cdcb [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 2 [lock] => [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 168254 [user_id] => [reason] => Usage under limits [method] => ) 1 and can accesss 1
Having announced its new long-run policy goals, it has been a quiet couple of weeks for the Fed. Last week, the Labor Department reported that the unemployment rate fell to 8.4% which officially puts it below the 2008-2009 financial crisis highs around 10% and well below its COVID-19 highs around 15%. And as we move into the Fall, the outlook has shifted into what the “new normal” will be.
For Fed watchers looking to see how the Summer wrapped up, the Fed’s Beige Book is worth a quick read. This monthly publication gives a glimpse into the current economic conditions across 12 Federal Reserve Districts and although qualitative in nature, it can provide some useful information.
If there are two takeaways from the August iteration, it is that economic activity rebounds in August were generally slower than they’ve been in previous months and the outlook for most regions was modestly optimistic. Not the biggest surprise.
If I had to guess, the two most repeated words in this edition were “modest” and “mixed”. Bright spots such as residential construction, manufacturing continued to show strong recoveries in August while hard hit areas such as commercial construction/real estate, agriculture, and energy continued to struggle. I’d expect a similar mixed dynamic to persist into the Fall.
At a Senate Banking Committee hearing on Wednesday, policymakers searched for new ways to breathe life into the Fed’s Main Street Lending Program. This program, which aims to provide cheap lending to companies that entered the pandemic recession in good shape, still has limited traction with only $1.2BN of its $600BN of its lending capacity having been extended as of as last week
A loan by loan breakdown of the program showed that 118 companies had gotten funds with businesses in construction, real estate, arts and entertainment and manufacturing making up some of the largest shares. However, many borrowers and lenders have chosen not to use the program because they still have access to cheaper loans or because the lending terms are restrictive.
And, as the Fed does so well, it reminded us that its ability to lend is not a panacea for a wounded economy and that it too needs help sometimes. Eric Rosengren, President of the Federal Reserve Bank of Boston, made this pretty clear last week saying that many of the “problems being faced are by low-income individuals and by very small businesses where it may be more appropriate to do grants than loans. For those types of programs, it requires fiscal policy.”
The yield on the benchmark 10-year U.S. Treasury is 0.67% down from 0.72% last week.
Next FOMC meeting is Sept. 15-16. No action expected.
More from the author
This research is for the clients of FS Insight only. FSI Subscription entitles the subscriber to 1 user, research cannot be shared or redistributed. For additional information, please contact your sales representative or FS Insight at fsinsight.com.
This research contains the views, opinions and recommendations of FS Insight. At the time of publication of this report, FS Insight does not know of, or have reason to know of any material conflicts of interest.
FS Insight is an independent research company and is not a registered investment advisor and is not acting as a broker dealer under any federal or state securities laws.
FS Insight is a member of IRC Securities’ Research Prime Services Platform. IRC Securities is a FINRA registered broker-dealer that is focused on supporting the independent research industry. Certain personnel of FS Insight (i.e. Research Analysts) are registered representatives of IRC Securities, a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators. As registered representatives and independent contractors of IRC Securities, such personnel may receive commissions paid to or shared with IRC Securities for transactions placed by FS Insight clients directly with IRC Securities or with securities firms that may share commissions with IRC Securities in accordance with applicable SEC and FINRA requirements. IRC Securities does not distribute the research of FS Insight, which is available to select institutional clients that have engaged FS Insight.
As registered representatives of IRC Securities our analysts must follow IRC Securities’ Written Supervisory Procedures. Notable compliance policies include (1) prohibition of insider trading or the facilitation thereof, (2) maintaining client confidentiality, (3) archival of electronic communications, and (4) appropriate use of electronic communications, amongst other compliance related policies.
FS Insight does not have the same conflicts that traditional sell-side research organizations have because FS Insight (1) does not conduct any investment banking activities, and (2) does not manage any investment funds.
This communication is issued by FS Insight and/or affiliates of FS Insight. This is not a personal recommendation, nor an offer to buy or sell nor a solicitation to buy or sell any securities, investment products or other financial instruments or services. This material is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice.
The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.
Intended for recipient only and not for further distribution without the consent of FS Insight.
This research is for the clients of FS Insight only. Additional information is available upon request. Information has been obtained from sources believed to be reliable, but FS Insight does not warrant its completeness or accuracy except with respect to any disclosures relative to FS Insight and the analyst’s involvement (if any) with any of the subject companies of the research. All pricing is as of the market close for the securities discussed, unless otherwise stated. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The opinions and recommendations herein do not take into account individual client circumstances, risk tolerance, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies. The recipient of this report must make its own independent decision regarding any securities or financial instruments mentioned herein. Except in circumstances where FS Insight expressly agrees otherwise in writing, FS Insight is not acting as a municipal advisor and the opinions or views contained herein are not intended to be, and do not constitute, advice, including within the meaning of Section 15B of the Securities Exchange Act of 1934. All research reports are disseminated and available to all clients simultaneously through electronic publication to our internal client website, fsinsight.com. Not all research content is redistributed to our clients or made available to third-party aggregators or the media. Please contact your sales representative if you would like to receive any of our research publications.
Copyright © 2025 FS Insight LLC. All rights reserved. No part of this material may be reprinted, sold or redistributed without the prior written consent of FS Insight LLC.
Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial
Want to receive Regular Market Updates to your Inbox?
Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial
Create New Account
Complete the following information to create your account