Fed Beige Book: Modestly Optimistic Outlook Across Districts

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 ...

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