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Mixed Pricing Power In Fed Beige Book Has Limited Initial Reaction

US TSYS
  • 2Y Tsys see little reaction to the Beige Book despite signs of mixed pricing power, having already surged 12bp on the day to a fresh post-2007 high high of 4.55%, currently sitting just 1bp lower.
  • Mixed pricing power: “Some contacts noted solid pricing power over the past six weeks, while others said cost passthrough was becoming more difficult as customers push back. Looking ahead, expectations were for price increases to generally moderate."
  • Some easing in hiring difficulties but labor market still tight: “Overall labor market conditions remained tight, though half of Districts noted some easing of hiring and/or retention difficulties… Some businesses said elevated inflation and higher costs of living were pushing wages up, coupled with upward pressure from labor market tightness. Contacts expect wage growth to continue as higher pay remains essential for retaining talent in the current environment.”
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