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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

FED: All 12 districts saw their economies expanding at a modest to moderate pace
ahead of Hurricane Harvey's landfall, the Beige Book said Wednesday. Though too
soon to gauge the full extent of the storm's impact, Fed noted "broad
disruptions to economic activity" in the Dallas, Atlanta districts, with many
firms closed and a fifth of oil, natural gas production in Gulf of Mexico
offline. Gas supplies were expected to be tight in SE due to pipeline
disruptions, and spot freight prices jumped in Richmond District as freight was
redirected. Consumer spending rose in a majority of Districts but auto sales
were mixed, stoking worries over prolonged auto slowdown. Auto sales could see
temporary boost in Harvey aftermath.) Labor markets remained tight but wage
pressures still limited. Price levels rising 'modestly' overall; input costs
increased but pass-through to consumer limited. See Main Wire story.  
MNI Chicago Bureau | +1 312-431-0089 |
MNI Chicago Bureau | +1 312-431-0089 |