A Description Of What The Beige Book Is

724 words - 3 pages

I think that all the sections in the Beige Book are key elements in determining the interest rate. If 10 of the 12 districts are booming in the construction and real estate section, and the banks continue to lend a lot of money for residential or commercial property, then the federal government may see it fit to raise or lower the interest rate based on the nations average. In the same, if the crops, such as corn, soy bean and any other crops get damaged or have a bad harvest season due to whether, the prices are likely going to increase due to the quantity cut back of the products. The federal reserve may raise interest rates when the economy is strong in an effort to slow it down. This may happen because of strong consumer spending, booming stock prices, a scarcity of available workers, plus new hints of rising prices and wages. They use the report of the Beige Book to get that national average to base this on. The Washington Post opinion of the recent economy is that the first-quarter growth rate reported yesterday by the Commerce Department was better than the 4.2 percent seasonally adjusted annual pace initially estimated, and faster than the solid 4.1 percent rate posted in the final quarter of last year. The department revises the estimates as additional data become available, providing a snapshot of the economy that becomes clearer over time. But weaker-than-expected vehicle sales this year and a drop in other April retail sales signal a slowdown in consumer spending in the current quarter, and softer overall economic growth as well, said Gary Bigg, an economist at Banc of America Securities LLC, in a note to clients yesterday. The recent drags on consumer spending include "the pronounced rise in energy costs," as well as higher general inflation and interest rates, Peter E. Kretzmer, senior economist at Bank of America Corp., said Tuesday. Banc of America is now forecasting that the nation's gross domestic product, or output of goods and services, will rise at...

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