02:42 PM EDT, 04/17/2024 (MT Newswires) -- The Fed's Beige Book showed "slight or modest" economic growth in most of the Fed districts, with only slight increases in consumer spending and home building but a further decline in manufacturing activity. Employment rose slowly, wages were up moderately, and prices advanced modestly in line with the pace in the previous report.

Recent comments of note:

(April 16) Fed Chairman Jerome Powell (voter) said the recent inflation data, which have indicated a stalling of progress, suggest that it will take longer than previously expected for the FOMC to feel confident enough to lower interest rates. Powell said that the FOMC is positioned to react to the incoming data and would be able to keep rates restrictive as long as needed.

(April 16) Fed Vice Chair Philip Jefferson (voter) said that if inflation remains more persistent than expected, it would be appropriate to hold the policy rate higher for longer, adding that he is "fully committed" to getting the rate of inflation back down to the 2% goal.

(April 15) San Francisco Fed President Mary Daly (voter) said that monetary policy is in a "good place" and that there is no urgent need to cut interest rates, Bloomberg reported.

(April 15) New York Fed President John Williams (voter) told Bloomberg TV that the FOMC is still likely to lower rates at some point this year, even as markets remain concerned about the string of stronger-than-expected data reports.