Manufacturing generally increased at moderate pace
Commercial real estate conditions continued to deteriorate in many districts
Consumer spending growth remained positive, but some Districts reported a leveling off of retail sales and a slight uptick in tourism activity.
Districts characterized the outlooks of contacts as generally optimistic or positive, but with a considerable degree of uncertainty
Banking contacts in many Districts expressed concern that delinquency rates may rise in coming months
Overall, consumer prices across Districts rose modestly
There are some worrisome comments on New York real estate in the report, saying condo sales were down nearly 50% y/y with inventories rising sharply. They also noted that office rental rates were down 8% y/y.
A stimulus bill is unlikely to be passed before the election, according to sources in both parties cited by CNN.
There is hope for an agreement in principle but passing it before the Nov 3 vote is probably too big of a hurdle.
That’s because of the sharp disagreements within the GOP, the logistical hurdles of passing legislation quickly of this magnitude through both chambers and the fact that Speaker Pelosi and Treasury Secretary Steven Mnuchin still have many outstanding details to sort through.
Pelosi has not yet told her colleagues if she’ll bring the House back to session next week to vote on the stimulus, sources said. So it’s still possible the House could return next week just days before the election.
But the Senate is likely to adjourn after Monday when Amy Coney Barrett is confirmed to the Supreme Court, though the final schedule has not yet been announced.