Thursday, July 30, 2009

Federal Reserve Sees Stabilization

From the Beige Book:

Reports from the 12 Federal Reserve Districts suggest that economic activity continued to be weak going into the summer, but most Districts indicated that the pace of decline has moderated since the last report or that activity has begun to stabilize, albeit at a low level. Five Districts used the words "slow", "subdued", or "weak" to describe activity levels; Chicago and St. Louis reported that the pace of decline appeared to be moderating; and New York, Cleveland, Kansas City, and San Francisco pointed to signs of stabilization. Minneapolis said the District economy had contracted since the last report.

Here is a link to a post with relevant charts and graphs.

So -- in response to questions such as "will I admit I was wrong in calling a bottom" the answer is no. See information contained in the Beige Book and the link above.