US: Economic outlook remained solid – Danske Bank

The US Beige Book showed that the outlook for the US economy remained solid and that all 12 regions continued to report job growth, notes the research team at Danske Bank.

Key Quotes

“The report also said that 'outlooks remained positive, but contacts in various sectors including manufacturing, agriculture and transportation expressed concern about the newly imposed and/or proposed tariffs'. The Fed mentioned specifically that steel prices and building materials could rise on the tariffs.”

“The tariff concerns were repeated by New York Fed President Dudley later in the evening when he said that the US cannot win a trade-way and that it would be a 'terrible outcome'.”