What is the fine-grained topic of the following text: John McElroy III, who is a principal with 1838 Investment Advisors, based in Philadelphia, also sees a pattern of caution and sluggishness, in part reflecting low volume and continued belt-tightening by the Federal Reserve Board. Only return the topic.
John McElroy III's observations on economic caution and sluggishness due to actions by the Federal Reserve Board.