Living up to its name once again, there is little here to raise any flags…
- *FED SAW `MODEST TO MODERATE' GROWTH WITH STRONGER MANUFACTURING
- *FED SAYS `HIRING SHOWED A MODEST INCREASE OR WAS UNCHANGED'
- *FED SAYS CONSUMER SPENDNG ROSE `AT A MODEST TO MODERATE PACE'
- *FED SAYS SALES OF NEW AUTOS WERE `MODERATE TO STRONG'
Not exactly what a +30% stock market is calling for (or a Fed Taper)…But there is another theme that is strong "concerns about future cost increases attributable to [Obamacare]." This is now the 11th consecutive Beige Book in which the Fed has heard loud complaining about the Affordable Care Act.
Excerpts from December Beige Book…
…Contacts in many Districts voiced concern about future cost increases attributable to the Affordable Care Act and other types of federal regulation.…Contacts across many Districts continue to voice concerns about future cost increases attributable to the Affordable Care Act and other types of federal regulation.…One contact says the Affordable Care Act is significantly increasing health care costs for his firm.…In regard to hiring and capital expenditure plans, firms continued to expand cautiously, as they face ongoing uncertainty from federal fiscal debates and implementation of the Affordable Care Act.…Wage pressures were up slightly. Non-wage labor costs were steady, though a number of contacts reported higher health insurance premiums because of regulatory changes in the Affordable Care Act.
…across all regions
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/OI_jgqA6ohQ/story01.htm Tyler Durden