Updated on November 30, 2023 10:08:53 AM EST

Yesterday afternoon’s 2:00 PM ET release of the Fed Beige Book gave us some encouraging feedback about the economy. This report is compiled by the Federal Reserve and details economic conditions by each Fed region via their business contacts. Six of the twelve districts reported slowing economic activity, while four said it grew modestly. The remaining two announced activity was mostly flat. There were widespread indications that prices (inflation) had slowed and employment demand is easing. Other than prices remaining elevated throughout all regions, there was very little in the report to disappoint bond traders. Almost all of the headlines to come from the report were bond-friendly. As a result, we saw bond prices briefly extend the day’s previous gains before settling back to their pre-release levels.
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