S&P 500 climbs to session high, few inflation fears in Beige Book

Nothing in Beige Book argued for rushing towards a Fed hike

Overall the report was positive on jobs and the economy but there were no signs of accelerating wage growth or inflation.

"Wages were relatively stable in most Districts, with slight to moderate increases since the last report," the Beige Book said.

Some at the Fed will argue that jobs growth and broader economic strength will eventually lead to higher prices and that waiting until the signs appear would leave the Fed behind the curve. But with markets on edge, the lack of any urgency in the inflation data is another reason for the Fed wait.

Update: That didn't list long. S&P 500 right back down to 1930 from as high as 1939.68.