Updated on July 19, 2018 10:31:39 AM EDT
The Fed’s Beige Book report that was released yesterday afternoon showed modest or moderate economic growth in 10 of the Fed’s 12 districts but not major surprises. There were some concerns about the impact that trade tariffs are having on business conditions, although not all comments were negative for the economy. Some feedback indicated an increase in new orders, intended by their clients to get ahead before the tariffs took effect. Overall, nothing of significance was noted that we should be concerned or happy about. Accordingly, we saw almost no reaction in the bond market and mortgage rates after the report was posted.