The Beige Book's a blow for tapering

Data from the Federal Reserve's latest Beige Book makes it harder to justify tapering of US monetary stimulus.

The latest US political stand-off has unnecessarily encouraged volatile mortgage rates and is directly working against the economic recovery the Federal Reserve is trying to manage. 

The key takeaway from the latest Beige Book, released overnight, is modest lending activity, especially across residential loans which have recently provided a more telling reflection of the state of the US economy.

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