Beige Book Was Rather Blue on the Retail Sales Backdrop
There was a ton of excitement about the December retail sales report, but the tone of the Beige Book was far different
Highlights
Ignore the “dry powder” on the sidelines and focus on the fundamentals
Beige Book highlights the divide between official data and business contacts
Monetary contraction is set to create a liquidity squeeze
Warmer than average weather is heating up the economic data
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