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FBN’s Peter Barnes on the state of the U.S. economy reported in the Fed’s Beige Book.
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Sweat breaking news on -- -- about Peter.
By -- -- the survey of economic conditions by the twelve fed banks finds that overall economic activity.
Continued to increase at a modest to moderate rate.
From -- January and into mid February with some very upbeat comments on consumers now this is the survey that the FOMC will use at its next meeting in mid march it reports that the consumer.
May be coming back quote reports -- consumer spending we're generally positive.
All districts reporting sales expectations for coming months.
Indicated optimism among contacts that sales will improve similar optimism on manufacturing quote.
Manufacturing has continued to increase across all twelve.
Fed districts like the -- get -- -- -- -- one nugget in the Beige Book and here it is in New York.
Broadway theaters reported that attendance and revenues surged more than 30%.
Apparently because of mild weather and more shows.
Speaking of showtime.
Fed Chairman Bernanke testifying on Capitol Hill today on the economy.
He said that overall economic overall the economic recovery continues -- on evenly and modestly but.
He said he is watching rising gas prices.
-- it has a direct effect on inflation and it also is bad for growth because it takes away buying power from households.
So isn't this a real concern for us.
-- the other hand over -- inflation.
-- is.
Low and stable so it's really a question of this particular product becoming.
More expensive relative to other products.
Yeah I told congress that he thinks that this jump in gas prices is temporary because attempt tensions with Iran and he did not signal that higher gas prices could push the Fed.
To increase interest rates to try to control inflation which as you as you heard in just say they think.
On -- interest rates stats and then we also have no hopes or QE3 one of the reasons we're seeing up pull back.
In the markets today but Peter Barnes making the Beige Book interesting in only the way that you can Broadway theater -- -- revenue up.
Thanks to wring that out for associates in --
