The Beige Book, which sheds light on the current situation in the US economy, was supposed to be released by the US Federal Reserve today. It was published at 21:00. This document, which contains important details, provides insights into the current situation in various regions of the US. The fight against inflation and the current state of the economy directly concern crypto investors around the world.
Fed Beige Book Released
Most regions indicated that economic growth was modest in July and August. Consumer spending on tourism saw a stronger-than-expected increase as it was seen as the final stage of holiday travel demand remaining from the pandemic period. However, other personal expenditures, especially on non-essential goods, continued to slow down. Reports highlighted that some consumers may have depleted their savings and relied more on borrowing to support their spending.
New car sales increased in many regions, but contacts noted that this was more related to improved inventory availability rather than increased consumer demand. Manufacturing contacts in some regions also reported improvements in supply chain delays and their ability to better fulfill existing orders.
Nearly all regions expect wage increases to slow down significantly in the near future. Most regions report a general slowdown in price increases (with additional slowing in the manufacturing and consumer sectors). Employment growth remained weak nationwide.
All these details underline that the Fed is on the right track, giving hope to crypto investors. Despite reaching over $26,000 due to the news of the BTC price surpassing the ETH ETF application, it could not sustain its position.
