I agree with Julia that this Beige book is the most downbeat one in ages. For example, it reads even worse than July 2008’s. From July 2008: Reports from the twelve Federal Reserve Districts suggest that the pace of economic activity slowed somewhat since the last report. Five
Also from July 2008: “Most Districts reported labor markets as unchanged or slightly weaker compared with the last survey period, and that wage pressures were generally modest. Demand for labor remained high for skilled workers in most industries, while several Districts reported
That was already 7 months into that recession…
@AnnaEconomist In time
@AnnaEconomist Bank credit deteriorated sharply in July 2008, leading to a steep fall in bank stocks. It forced the government to institute the first short selling ban on bank stocks. Crude oil going to 150 also wrecked the economy. See the chart of crude oil from March-July 2008.
@AnnaEconomist Depressing stuff no wonder the bond market is acting this way
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@AnnaEconomist Its going to ugly‼️