The Beige Book released showed that economic activity has slowed down in the overall economy since the last report, yet has picked up slightly in some districs while remaining moderate and stable in others. Despite the tax rebates given back to people that has helped boost spending and sales, consumer spending in the economy has crippled further. The housing sector, which is the mess that started all this in the US,  alongside manufacturing were still witnessing sluggish activity despite rising exports.

As for prices, pressure is still to the upside with input costs on the rise resulting in final price inflation to the ultimate consumer. The labor market hasn't changed and remains soft with the exception of those working in the energy sector. Pressures on wages was somewhat limited. 

After the release of the Beige book, stocks dipped lower to erase previous gains while ten-year note yields soared to their highest level in a month.