Fed's Beige Book: Modest Growth in March

The Federal Reserve released its Beige Book at 2pm. The Fed stated that the economy expanded at a modest to moderate pace in March, and that manufacturing expanded in most districts. The Fed stated that reports on retail spending were positive, but that manufacturers were concerned about the rising price of petroleum. The Fed stated that the near-term outlook for household spending was encouraging and that residential real estate was showing some improvement. The Fed stated that in most districts, credit quality was improving while hiring was steady or showing modest gains. The Fed stated that rising gas prices could inhibit consumers but that most districts saw modest gains in demands for loans.