| In a report on its 12 regional districts known as the "Beige Book," the Federal Reserve said that "overall economic activity expanded at a moderate pace." That's not particularly great news. The "moderate pace" thing is the same line we've been hearing for months now.
"Moderate" is actually one of the better scenarios in recent Fed parlance. Economic improvements have been a mixed bag of "moderates," "modests," and "steadys" for some time. Actually, you could take the current report to be slightly gloomier than the last one in April, since the Philadelphia district reported a slowing economy this time around...............................................Full Article: Source
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