Fed Beige Book Released
- Economic Activity Increased At A Modest To Moderate Pace
- Manufacturing Continued At A Steady Pace
- Nonfinancial Services Activity Remained Stable Or Increased
- Banking Conditions Generally Improved
- Consumer Spending Generally Positive, Outlook Modestly Optimistic
- Housing Market Conditions Improved Somewhat
- Hiring Increased Slightly Across Several Districts
- Wage Pressures Generally Contained
- Prices Stable; Some Pass-Through Of Higher Input Costs
"Demand for residential mortgage loans increased in New York, Richmond, and Kansas City; mortgage demand was flat to moderately stronger in St. Louis and softened in Kansas City. Cleveland noted increases in requests for commercial real estate lending, while contacts in Chicago and San Francisco noted improvement in the availability of credit for this sector. Meanwhile Philadelphia and Kansas City reported flat or steady commercial real estate lending. Demand for commercial real estate loans was flat to moderately stronger in St. Louis.
Overall lending standards remained restrictive in San Francisco and Richmond and were largely unchanged in St. Louis and Kansas City. Lending standards tightened further for commercial borrowers in New York. Credit conditions in Chicago improved slightly, while quality improved in Philadelphia and Kansas City. Delinquencies were steady or declined in Cleveland. Mortgage delinquencies were steady in the New York District but delinquencies decreased in other loan categories..."