02:39 PM EDT, 10/23/2024 (MT Newswires) -- The Federal Reserve's Beige Book indicated that the US economy was little changed since early-September in most of the country outside of modest growth in two Fed districts, with a decline in manufacturing activity, mixed consumer spending, and an increased inventory of homes for sale.

Home prices continued to increase despite rising inventory, though overall price gains moderated further. Employment increased in more than half the districts, while the rest reported little or no change as firms mostly replaced departing workers rather than adding to their payrolls.

Recent comments of note:

(Oct. 21) San Francisco Fed President Mary Daly (voter) said that she sees nothing that would stop the Federal Open Market Committee from continuing to lower interest rates, but did not indicate what the pace of reductions should be at upcoming meetings.

(Oct. 21) Kansas City Fed President Jeffrey Schmid (nonvoter) said that he would prefer a gradual approach to lowering interest rates rater than abrupt moves due to the level of uncertainty.

(Oct. 21) Dallas Fed President Lorie Logan (nonvoter) said that she expects it will be appropriate to gradually lower the federal funds rate, but cautioned that unexpected shocks could alter the path of policy reduction and that the FOMC will need to "remain nimble and willing to adjust if appropriate."

(Oct. 21) Minneapolis Fed President Neel Kashkari (nonvoter) said that either a 25 basis point or the decided-on 50 basis point rate cut at the September FOMC would have been appropriate, saying that the larger cut was a good start toward reducing policy restriction. Kashkari would not comment on the size of future reductions, saying that policy would be data-dependent.