Fed Beige Book: Economy Grows Slightly, Overall Expectations for Economic Activity in Coming Months Slightly Optimistic

The Federal Reserve's Beige Book showed that economic activity has grown ‘modestly’ since mid-January, but consumer spending has declined. According to the report, ‘Consumer spending declined overall, with reports of strong demand for necessities but increased price sensitivity for discretionary items, especially among lower-income shoppers.’ Meanwhile, prices rose ‘moderately,’ in some areas faster than in the previous period. (GOLDEN TEN)