The Federal Reserve released its December 2022 Beige Book on Wednesday. Overall, conditions sounded a little worse than in the November Beige Book and people speaking with the Fed said that they expected “little growth in the months ahead” on balance.

“Housing markets continued to weaken, with sales and construction declining across Districts,” the Fed reported. With that, most bankers reported weak mortgage lending, and some said that higher costs started having an impact on commercial lending. “Commercial real estate activity slowed slightly, on average, with more notable weakening in the office market.”

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Erik Sherman

 

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