The Federal Reserve [released its Beige Book yesterday [NYT]]((, which provides an anecdotal commentary of economic conditions in each of the Fed’s regional banks.

The economy is expanding modestly but concern is growing that higher energy prices will create more cost pressures but so far, not all businesses have been successfull passing along these costs to their customers.

Meanwhile, the pace of housing market activity was said to be cooling or moderating in many Fed districts, although commercial real estate activity was firming, the Fed’s report said.

In general, year-on-year price appreciation seems to be lower than in quarters past,” the Fed said.

To read the Beige Book (I find it easy to read and informative about regional economic conditions) and conditions in each of the districts (regions) go here [FRB]

_More coverage_
US Fed beige book says economic activity increased [Reuters]
Reading Ben Bernanke For Clues About ‘Near’ [WSJ]
Economically Speaking, Its Beige [Matrix]

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