Federal Reserve

From the Federal Reserve's most recent Beige Book, regarding economic trends in the New York area in April and May:

Bankers report little change in loan demand in any loan category or in refinancing activity. Respondents indicate continued tightening of credit standards across all loan categories, most evidently in the commercial mortgage category. No bankers report eased standards for any type of loan. Respondents note an increase in the spreads of loan rates over cost of funds in all loan categories, especially in commercial and industrial loans. Bankers also report a decrease in average deposit rates. Finally, respondents indicate a rise in delinquencies in all loan categories, but most notably on consumer loans.

 read more »

The net worth of American households was an estimated $56 trillion by the end of the first quarter of 2008, according to Federal Reserve numbers out Thursday (PDF). That's $1.7 trillion less than the quarter before.

More on the wealth slide in today's Journal.

According to the Fed, sky-rocketing fuel costs and a shaky job market have not stopped Americans from spending. The April Commerce Report released in Washington today said U.S. consumers spent more than twice what economists had forecast, excluding car sales, Bloomberg reported.

A 0.2 percent overall drop in retail spending--led by the auto industry's 2.8 percent decline--in the first quarter of the year coupled with better-than-expected sales at discount chain Wal-Mart indicate that consumers are flocking to discount stores and holding out on purchases of big-ticket items.  read more »

Brokers, developers, and the media have been trumpeting the resilience of Manhattan’s condo and co-op market for nearly a year, and now even the Federal Reserve has singled it out in the latest installment of its regional survey known as the “Beige Book.”  read more »