June 11 (Bloomberg) -- The Federal Reserve said economic growth was ``generally weak'' in April and May as consumer spending slowed, while manufacturers in several regions passed on higher raw materials costs to their customers.
Three of the 12 regional Fed banks reported ``softer, weaker or lower'' growth and four found ``slower, sluggish or modest'' expansion. Five areas reported business was ``stable or little changed,'' the central bank said in its regional Beige Book economic survey.
Bond bid, dollar drop and gold found a footing along with oil, of course. It will be important, however for gold to take back the 890 area in order to negate the anxiousness to sell on rallies. The dollar is bearish once again below 73.40.
I read about traders and the media complaining about how tough this market is. Wake up, it's called a bear market. Oversold gets more oversold and overbought gets sold. All this constant talk of how the recession is contained is also feeding into investor expectations, something the Feds should quit doing.
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