Highlights of the latest Fed Beige Book:
Economy growing in most of US but weak spots emerged
Price gains 'modest to moderate' in most districts
Holiday retail traffic higher in several districts
Non-auto retail grow modestly but auto sales were flat
Manufacturing grew in most districts at a slower pace
8 of 12 districts reported modest-to-moderate growth
Many districts reported contacts had become less optimistic due to increased financial market volatility, rising short-term rates, falling energy prices and elevated trade uncertainty
A number of Fed districts said higher tariffs were also a factor in cost increases
Data collected by Chicago Fed to on or before Jan 7
This is relatively upbeat. Suddenly no one is talking about a recession.
