The latest edition of the Federal Reserve’s (Fed) Beige Book, released last week, suggested continued steady economic growth. While signs of a tightening labor market and concerns about tariffs continue to appear, we believe they should be viewed within the context of Main Street’s generally positive view of the overall economy. The Beige Book is a qualitative assessment of the domestic economy and each of the 12 Fed districts individually. The report is prepared eight times per year, ahead of each Federal Open Market Committee (FOMC) meeting — the next of which is scheduled for the end of this month. We believe the Beige Book is best interpreted by measuring how key words change over time. Details in the September 2018 Beige Book were collected in the weeks prior to August 31.