"June 21-22 FOMC meeting added to the view that the economy is experiencing a temporary slowing."
Not to be sarcastic, but do thy have a crystal ball?
" Manufacturing activity is still up in ten of twelve Districts but slowing in some areas."
We've all seen the recent manufacturing data, the trajectory is headed for recession with all data series showing a sharp drop which if continued, would put the next round of manufacturing below 50 (decline).
"Inflation remains generally subdued outside of food and energy."
The two things every American uses every day. Beyond that....
" In general, selling prices increased only modestly, except for food and energy prices, which continued to escalate."
As for commentary, the next quote should sum this one up...
"Elevated food and energy prices, as well as unfavorable weather in some parts of the country, were said to be weighing on consumers' propensity to spend. "
Beyond that, the word "Japan" was used 25 times, "inflation" once.
I think we all knew that the tragedy in Japan was going to have downstream effects on manufacturing, it would just take a few months. It's here now and not likely to abate soon.
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