Fed Beige Book Shows Moderate Economic Growth Since Early July

The Beige Book's broad but unspectacular growth picture reinforces a 'no urgency' backdrop for policy shifts, which matters for rate-sensitive assets like crypto and tokenized real estate. The split between resilient high-end consumption and price-sensitive lower tiers hints at uneven demand that could weigh on consumer-linked RWAs. Manufacturing strength in defense and data centers points to concentrated capex flows, but persistent auto weakness signals pockets of strain. Whether this mixed momentum holds through the next reporting window is the key question, as it will shape liquidity expectations and risk appetite across digital asset markets.