With six months of economic and market data since the end of QE, we assess the latest round of the program that ended in October 2014.

While wage growth has been tepid recently, 67 industries have seen wages increase at double the average (21% per annum), with good old American know-how roles well represented.

Since the peak in oil prices in June 2014, consumers saved some, spent some on nonessential items, and paid down some debt, even as measures of consumer sentiment soared.

First quarter economic weakness will likely get plenty of attention this week, when the initial estimate of Q1 2015 GDP is expected to confirm tepid growth during the quarter.

KEY TAKEAWAYS The latest Beige Book suggests that the U.S. economy is still growing at a pace that is at or above its long-term trend, and that some upward pressure on wages is beginning to emerge. Optimism regarding the economic outlook far outweighed pessimism throughout the Beige Book as it has for the past two…

Highlights The impact of falling oil and energy prices on inflation, inflation expectations, the U.S. and global economies, and the global financial system received a great deal of attention at the eighth and final FOMC meeting of 2014. Fed Chair Yellen’s comments during the post-FOMC press conference seemed to have calmed fears regarding the negative…