Forget any talk of a recovery early in the second half of 2009. That’s the message from the Fed’s Beige Book. Economic conditions got even worse in January and February, the report says with the deterioration very broad-based. Prospects for near-term economic recovery are poor, according to the Fed.
Not really surprising with sentiment already reflecting the reality of what the Beige Book portrays.
EUR/USD us steady at 1.2607, USD/JPY at 99.35 and the S&P trades up 2%.