Beige Book highlights
Contacts noted some concern about trade uncertainty
Economy expanded moderately in late April and early may with few shifts in growth pattern
Manufacturing shifted into 'higher gear' with more than half of districts reported pickup in industrial activity
Employment rose at modest-to-moderate rate
Retailers passing along higher prices in some districts
Home sales up modestly, non-residential building was moderate
Goods production rose, consumer spending was 'soft'
Near-term growth outlooks 'generally upbeat'
In general, the comments are positive but the note about consumer weakness takes the shine off. Overall, I think the market needs to get back to pricing in a near-certainty of a June Fed hike. It's currently at 79%.
