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That 70’s Beige Book: Seems Familiar 35 Years Later

The national summary from the Federal Reserve Beige Book 35 years ago [1] seems vaguely similar to today except it was known back then as the Red Book [2] and was not released to the public. Perhaps it is akin to reading your horoscope, it always seems to apply to your life.

The most recent Beige Book [3], released in September, gave a somewhat optimistic view of the US real estate economy with some cooling evident:

Residential real estate was strong, with signs of softening in some markets. Dallas, St. Louis, and San Francisco reported increased activity, with Kansas City, New York, Philadelphia, and Richmond all observing strong sales, but signs of cooling were evident. Atlanta reported sales above last year’s levels in Florida, but demand was beginning to soften. Chicago, Cleveland, Kansas City, Minneapolis, and New York reported residential construction was still strong but down from last year, while St. Louis described it as lagging.