ECB's President Lagarde: Euro-area inflation different animal than in the US

Overall economic activity expanded slightly, on balance, since late February. Ten out of twelve Districts experienced either slight or modest economic growth—up from eight in the previous report, while the other two reported no changes in activity. Consumer spending barely increased overall, but reports were quite mixed across Districts and spending categories. Several reports mentioned weakness in discretionary spending, as consumers’ price sensitivity remained elevated. Auto spending was buoyed notably in some Districts by improved inventories and dealer incentives, but sales remained sluggish in other Districts. Tourism activity increased modestly, on average, but reports varied widely. Manufacturing activity declined slightly, as only three Districts reported growth in that sector. Contacts reported slight increases in nonfinancial services activity, on average, and bank lending was roughly flat overall. Residential construction increased a little, on average, and home sales strengthened in most Districts. In contrast, nonresidential construction was flat, and commercial real estate leasing fell slightly. The economic outlook among contacts was cautiously optimistic, on balance. post: Fed Beige Book: Overall Economic Activity Expanded Slightly, on Balance, Since Late February. Fed Beige Book: the Economic Outlook Among Contacts Was Cautiously Optimistic, on Balance. Fed’s Beige Book: Employment Rose at a Slight Pace Overall post: FED'S BEIGE BOOK: TEN OF 12 FED DISTRICTS REPORTED SLIGHT OR MODEST GROWTH.

post: ECB'S LAGARDE:IT'S OBVIOUS THAT FOREX MOVES MAY HAVE AN IMPACT ON INFLATION post: ECB'S PRESIDENT LAGARDE: WE MONITOR THE EXCHANGE RATE.