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Economy in this fed beige book compared to the previous beige book. The survey says five of the 12 fed Bank Districts Economic Activity was moderate in june and early july. That compares to seven fed Bank Districts that reported moderate Economic Activity in the previous beige book and this time two districts reported a slower pace of growth compared to just one district reporting that in the previous beige book. Now we doubt this will have a significant enough, this is significant enough to have a change in fed policy. You can bet that the taper will likely continue at the july meeting at the end of this month as the beige book also says that labor market conditions, which is what the fed real watches, continued to improve. Melissa. Dierdre thank you so much. On to the big story of the day, time warner rejects twentyfirst century foxs 80 billion takeover bid. Time warner deciding it was not in the best interest of the company or shareholders to accept the deal. Twentyfirst century fox

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