THE FEDERAL RESERVE'S LATEST BEIGE BOOK (LINK BELOW) PROVIDES BOTTOM-UP CONTEXT FOR THE TWO KEY CONTRASTS PREVIOUSLY HIGHLIGHTED BY THE MACRO DATA:

REASSURING HEADLINE ECONOMIC ACTIVITY ALONGSIDE MORE TROUBLING INFLATIONARY DEVELOPMENTS. SOLID CURRENT ECONOMIC ACTIVITY (HARD DATA) CONTRASTING WITH ANXIETIES AMONG BUSINESSES OVER WEAK CONSUMER SENTIMENT (SOFT DATA). HTTPS://T.CO/9RXMFJQPPS #ECONOMY #MARKETS #FEDERALRESERVE — VIA @ELERIANM

Beige Book confirms solid activity but troubling inflation, reinforcing macro data contrasts.