Fed “Beige Book” Reports Optimism

CHICAGO—The United States Federal Reserve Board just released another “Beige Book” analysis of economic conditions and the outside experts it surveyed said growth in the Chicago region increased in the run-up to the New Year, but most still considered the pace quite moderate. Those surveyed, however, “were more optimistic about 2014 than they were during the previous reporting period.”

The new report bolsters the general feeling among local Fed insiders and other business economists. As reported last week in GlobeSt.com, William Strauss, a senior economist at the Federal Reserve in Chicago, said the Blue Chip forecasters predicted a 2.8% growth rate in 2014. That would be “the fastest growth we’ve seen in four years.” And the Federal Open Market Committee is even more optimistic, currently predicting a growth rate between 2.8% and 3.2%.