tweet at 9:17pm: *US House Has Votes to Pass Debt-Limit Deal tweet at 9:25pm: Debt-limit deal to avert default passes in the House, now set for the Senate -BBG

The Beige Book is a Federal Reserve System publication about current economic conditions across the 12 Federal Reserve Districts. It characterizes regional economic conditions and prospects based on a variety of mostly qualitative information, gathered directly from each District’s sources. Reports are published eight times per year. What is the purpose of the Beige Book? The Beige Book is intended to characterize the change in economic conditions since the last report. Outreach for the Beige Book is one of many ways the Federal Reserve System engages with businesses and other organizations about economic developments in their communities. Because this information is collected from a wide range of contacts through a variety of formal and informal methods, the Beige Book can complement other forms of regional information gathering. The Beige Book is not a commentary on the views of Federal Reserve officials. How is the information collected? Each Federal Reserve Bank gathers information on current economic conditions in its District through reports from Bank and Branch directors, plus interviews and online questionnaires completed by businesses, community organizations, economists, market experts, and other sources. Contacts are not selected at random; rather, Banks strive to curate a diverse set of sources that can provide accurate and objective information about a broad range of economic activities. The Beige Book serves as a regular summary of this information for the public. How is the information used? The information from contacts supplements th tweet at 2:01pm: Fed Beige Book: Economic Activity Was Little Changed Overall in April and Early May *Fed’s Beige: Future Growth Expectations Deteriorated Slightly tweet at 2:03pm: FED BEIGE BOOK: CONSUMER SPENDING CONTINUED TO INCREASE AT A STEADY CLIP IN THE LATEST REPORTING PERIOD. tweet at 2:02pm: FED BEIGE BOOK: CONTACTS ACROSS DISTRICTS ALSO NOTED THAT THE LABOR MARKET HAD COOLED SOME. tweet at 2:05pm: FED BEIGE BOOK: CONDITIONS IN THE BROAD FINANCE SECTOR CONTINUED TO WORSEN IN RECENT WEEKS AT A SIMILAR PACE TO THE LAST REPORTING PERIOD. SMALL TO MEDIUM-SIZED BANKS REPORTED LOWER LOAN DEMAND ACROSS ALL LOAN SEGMENTS.