The latest Beige Book suggests that the U.S. economy is still growing near its long-term trend, and that the drag from a stronger dollar and weaker energy prices is fading. However, oil production — which has continued to decline despite the run-up in oil prices from the mid-$20 per barrel range in January 2016 to near $50 today — is weighing on economic conditions in the energy-producing states. In addition, our analysis of the Beige Book confirms that there continues to be some

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