Fed Beige Book out

Fed beige book prepared for Dec 12 FOMC is as expected. It says, "Most Fed Dists. reported continued moderate growth" - exceptions were NY & Richmond (better), Dallas (deceleration) and Alanta (mixed).

Also, holiday sales outlook is "cautiously optimistic".

Wage growth was moderate (pressures were in NE and San Fran) and prices moderated for energy and bldg materials.

Despite housing and auto weakness, consumer spending increased and labor mkts remain tight.

Mfg was generally positive & bank lending mixed.

Data was gathered prior to Nov 20 and the book was compiled by Atlanta Fed which currently has no President (Mr Poole of St Louis votes instead).