Dollar tops ¥111 in Tokyo after rosy Beige Book report from US

Cornelia Mascio
Gennaio 18, 2018

Most manufacturers noted modest growth in overall conditions.

Some firms indicated the legislation would help their businesses.

Despite still weak inflation overall, Fed policymakers now expect to raise interest rates three times this year.

Eleven of the Fed's 12 regional districts reported "modest to moderate" economic gains, while the Dallas Fed district saw "a robust increase", said the Fed in its latest survey on economic conditions, known as the Beige Book, based on information collected through January 8.

Consumer spending increased in most Districts this period, particularly in non-auto retail sales and transportation.

Bishop added that he sees three rate hikes from the Fed in 2018 and expects limited inflation growth.

While most districts reported on-going labor market tightness and challenges finding qualified workers across skills and sectors, wages still increased "at a modest pace", according to the report.

But firms in several districts reported concerns about the new limits on deducting mortgage payments and personal property taxes from their tax bill, due to the potential impact on the housing market, which is always an engine of economic growth. The construction and manufacturing industries in particular noted a worker shortage. Some reported expectations of further wage increases in the coming months, though prices pressures were still mixed, the Fed said. Prices increased modestly to moderately across most Districts.

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