Fed's Beige Book: "Fear Of Not Accumulating Enough Wealth Has Passed" Says Corpina

Category: Markets / Finance / Apr 17, 2013 5:55PM EDT
Jonathan Corpina, senior managing partner with brokerage firm Meridian Equity Partners Inc., weighs in with IBTimes TV's Jessica Menton about the Federal Reserve's Beige Book report which showed the U.S. economy is growing at a "moderate" pace. The Federal Reserve released its Beige Book collection of economic anecdotes on Wednesday used by the Fed for making interest rate decisions. The report showed the U.S. economy is growing at a "moderate" pace, as housing's rebound and the continued recovery in the auto sector offset weaknesses stemming from federal government budget cuts, the expiration of the payroll tax cut and winter weather, the Federal Reserve said Wednesday. The Beige Book released by the Fed, covering the period from late February to early April, is just slightly stronger in tone than the last Beige Book, which said the economy was growing "at a modest to moderate" pace. Economists and analysts will eye it for clues as to whether the Fed's business contacts see the same slowdown as recent economic reports, such as weak payrolls growth and retail sales have shown.