The Fed Beige book retained a nervous tone, stressing that 1/ the economic activity slowed down recently, 2/ the manufacturing activity remains weak, 3/ retail sales are mixed and 4/ job creations are limited. Only the housing sector is dynamic. This report confirms the recent shift in the Fed bias to an easing bias before Greenspan's address and ahead of the FOMC (September 24). //www.idealforex.sg-ib.com