Time and time again, we hear that the recent economic slowdown is the result of extreme winter weather. It would appear that the Fed is going full tilt with that assessment as well for the economy.
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In the March 2014 Beige Book, the word "weather" was mentioned a whopping 119 times when explaining current economic conditions. That is nearly 12 standard deviations above the mean from any given month, and about 10.5 standard deviations above the mean for any given winter month.
The Beige Book is basically placing the entire blame for the weak economy on weather conditions. Conversely, the Fed is stating that once temperatures return to normal, the economy will - not should or is likely to - accelerate back to the speed it was showing in the second half of 2013.
Essentially, the Beige Book tells us that the Fed does not believe the