The just released beige book report shows we are headed towards Stagflation. We have rising inflation and slowing growth.
It notes that consumer spending is softening. Reports on real-estate were "anemic". Labor markets are also weakening.
The lower dollar is helping bring visitors to the US. I guess that's good news that the stock market can run with. As today the dollar almost reached the 1.60 to Euro. More visitors!
Financial institutions also reported decelaration in consumer loan demand, and tightening lending standards.
http://www.federalreserve.gov/FOMC/Beigebook/2008/20080416/default.htm
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