The beige book said that "economic activity has been uneven" in recent weeks with little strength anywhere.

The beige book described a housing industry with two very different halves.

"The beige book failed to present anything new that would keep the Fed from remaining neutral," he said.

Another report yesterday, a regional survey by the Fed known as the beige book, had little impact on the market.

And the beige book noted that price increases were benign in recent weeks.

The Fed's beige book also said it was difficult to get a clear national picture on housing.

In fact, the Fed's so-called beige book disclosed little that was new.

The study is known as the "beige book," reflecting the cover's color.

Today's edition of the beige book did not reflect any alarm over inflation.

Indeed, the beige book showed that wages were rising quickly in some parts of the country.