Fed Beige Book out

Fed beige book prepared for Jan 30-31 FOMC says most reports show "econ activity expanded at a modest pace." Dallas & Cleveland slowed, Boston was mixed, Minneapolis saw "slight growth," NY and SF sawmoderate growth. Nearly all areas saw "continued softening" in hsg and had high unsold home inventories. But sales are up, mfg growing outside construction products, lending is mixed, energy exploration high. Labor mkts tightened, prices were moderately up overall.

Data was gathered before Jan 8 and compiled by Minneapolis Fed.

-Prior beige book gathered before Nov 20 saw "continued moderate growth."Jan result appears to be more of the same.