canals bothered me --->Economic Release: Beige Book 2PM The bond market in particular will be looking for signs that the Fed is nearing the end of its tightening cycle. We know that several members expressed concerns about tightening too rapidly so some change in outlook may already baked in based on regional activity.
For equities the major concern is going to be any indication of removal of accommodation due to perceived overheating of the economy. Both markets will be looking for signs of inflation in the report.
The markets have reacted of late on the belief that inflation is contained so any challenge to that notion will be a negative for both markets
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