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July 17, 2014 – The Federal Reserve released its Beige Book Wednesday, reporting that all 12 Federal Reserve districts cited some expansion in economic activity during the current reporting period, which ended July 7.

NAFCU Senior Economist Curt Long said the report shows many positives but that there is still room for improvement. For example, he said there is still weakness in the housing market and that 2014 will probably end slightly behind 2013 in total units sold.

"The Beige Book noted that inflationary pressures were muted," He added. "This may provide more support for those on the Federal Open Market Committee who would like to hold off on increasing short-term interest rates."

Overall, the report says loan volumes rose across the country, "with slight to moderate increases reported in most districts." It said credit quality was stable or up slightly in most districts, though there was a slight decline reported in the San Francisco district. Credit standards were generally unchanged, it says.

The full report is online.