Fed's Beige Book has more downbeat tone about activity through late-February

• Wage growth varied considerably, from flat to strong
• Labor market conditions continued to improve
• Most districts reported consumer prices held steady
• Business contacts generally optimistic across US
• Energy sector contracted further
• Dallas Fed found increasing reports of deflationary pressure
• Two Fed banks reported moderate growth, four saw modest pace

UPDATES COMING IN

The prior Beige Book saw 7 districts with modest growth, two said moderate, two said economy was flat, one was 'upbeat'