A Federal Reserve survey has found that the economy was rebounding in late February through early April. The new survey cites a range of factors, from vaccinations to the payments of up to $1,400 for individuals from President Biden’s $1.9 trillion relief package.
The survey, known as the beige book, forms the basis for discussions when Fed officials met April 27-28 to discuss the future of interest rates. Fed Chairman Jerome Powell has continued to stress that the central bank is not close to raising rates. The Fed recently released projections that indicated it will hold off raising rates until after 2023.
The beige book report, based on information from business contacts supplied by the Fed’s 12 regional banks, said that manufacturing activity continued to expand, with half of the Fed districts reporting robust manufacturing growth. It also found that many of its districts are seeing moderate price increases, specifically for materials such as metals, lumber, food and fuel.
