Today’s economic-release-of-note is the Federal Reserve’s enticingly-named “Beige Book.” We’ll get our hands on it this afternoon.
The Beige Book is a summary of economic conditions across the country across various regional reserve banks which the Federal Reserve uses to set monetary policies such as interest rates. Gus Faucher with PNC Financial Services Group, expects the report to show continued modest growth, “economic growth has softened slightly from late 2011-early 2012.”
Also this morning, the Mortgage Bankers Association is reporting a surge in weekly home mortgage applications. “It looks like demand for housing continues to improve,” says Faucher, “affordability is incredibly high given low rates and the big price declines that we’ve seen, and so households with job gains and income growth are looking to purchase homes, and that is supporting economic growth.”
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.
Thanks to our
Your support keeps us going strong, even through