More Fed Beige Book: Does it signal an official downgrade? Bill McBride notes "measured" economic growth compares to "modest" in the last report and "moderate" a few reports back. The FOMC's next meeting - and last before the end of Operation Twist - is set for Dec. 11-12. There's little in the dour report to prevent a replacement program from being announced. Stocks remain higher, the S&P 500 +0.3%. The 10-year Treasury yield -3 bps to 1.62%.