Afternoon Update – Beige Book Not So Optimisitc

The Fed’s Beige Book is out this afternoon ahead of tomorrow’s Q2 GDP (recall Q1 GDP slid to 1.6% from 3.2% in Q4 2023 – although the controversy around the Q4 deflator makes a reasonable argument that Q4 GDP was indeed similar at 1.6% and not 3.2%), expected to come in at 1.3%. The Beige…