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Fed Beige book focuses on Presidential poll

Wednesday, October 19, 2016 13:17
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Although economic activity in the US continues to expand and the labour market remains tight, increased uncertainty is entering the metrics of business as the 2016 US presidential election looms, the Federal Reserve said in its latest Beige Book released on Wednesday.

Drawing up anecdotal evidence on the health of the economy as well as hard numbered facts from the central bank’s 12 regional districts, it pointed to concerns about the election, just three weeks away.

However the report didn’t give too much away about interest rate policy. It is widely expected that if rates are to be hiked it will not happen in November – a week before the polls – but in December. In the past week Fed chair Janet Yellen has indicated that some overshoot of inflation is acceptable in crisis periods, which markets have read as a hint of monetary largesse remaining until 2017.

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