We just got the Fed’s Beige Book survey of constituent businesses for December.
The consensus is that the economy is growing “modestly to moderately,” and as a result, the Fed won’t its monetary policy trajectory.
There was one major seasonal, if local, factor providing some lift to the economy: the Boston Red Sox,
According to the Fed’s First District, the Carmines’ victory over the Cardinals in October gave a significant boost to area retail sales.
“October was particularly good for Boston hotel and restaurant activity, exceeding the usual expectations for this traditionally busiest month, on account of the additional business brought in by the World Series appearance of the Red Sox. Hotel revenues were up 7.5 per cent year-over-year, supported by an increase in occupancy rates. Transportation services also benefitted from higher-than-usual demand.
Some solace for the Fed’s Eighth District, seated in St. Louis?
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