Beige Book: All Dis­tricts Ex­pand at Least Mod­estly

The Bond Buyer - - Market News -

WASH­ING­TON — All 12 Fed­eral Re­serve dis­tricts re­ported mod­est or mod­er­ate eco­nomic growth in the past two months, the lat­est Beige Book sur­vey said Wed­nes­day, up from 10 re­port­ing those lev­els of growth in the pre­vi­ous pe­riod.

The sur­vey was con­ducted be­fore the land­fall of Hur­ri­cane Har­vey which dev­as­tated Hous­ton, the U.S.’s fourth largest city, and other ar­eas along the Gulf Coast.

The sur­vey said the storm “cre­ated broad dis­rup­tions to eco­nomic ac­tiv­ity” in the Dal­las and At­lanta dis­tricts, although it was “too soon to gauge the full ex­tent of the im­pact.”

Many firms were clos­ing or ex­pect­ing to close due to flood­ing, and one-fifth of the oil and nat­u­ral gas pro­duc­tion in the Gulf of Mex­ico was off­line, the sur­vey said in a spe­cial sec­tion.

Over­all, with all dis­tricts re­port­ing fa­vor­able growth con­di­tions, the re­port seems to give the Fed­eral Open Mar­ket Com­mit­tee the green­light to go for­ward with plans to an­nounce the end of rein­vest­ments at the Septem­ber meet­ing.

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