The U.S. Federal Reserve released its Beige Book on Wednesday which has little to suggest a significant change in the underlying path of growth in the economy. The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said the U.S. economy continued to expand across most regions from early October through mid-November.

The report has only a minimal mention of the impact of ‘uncertainty’ around the presidential election results. The Fed is scheduled to hold its two-day monetary policy meeting on December 13th and 14th and the latest Beige Book doesn’t alter outlook for December rate hike.

The report noted that a tightening in labor market conditions was reported by seven districts, with modest employment growth on balance. A majority of districts reported higher retail sales and business service firms saw rising activity, while the Beige Book said demand for manufactured products was mixed.

"Indications that the underlying economic backdrop has strengthened in the second half of 2016 coupled with limited financial market volatility in the wake of the November 8th elections have increased the odds that the Federal Reserve will hike the fed funds target range by 25 basis points in December (to 90% or more) and  report is unlikely to have a significant impact on that assessment.” said Nathan Janzen, Senior Economist at RBC Economics

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