The Federal Reserve (Fed) released the latest Beige Book on Wednesday, which the Federal Open Market Committee (FOMC) uses in discussions about setting monetary policy. The Beige Book gathers information from the Fed's 12 districts and provides an overall picture of the US economy.
The report states that economic activity increased at a “slight to moderate pace for ten of the twelve districts," with one reporting a slight decline and another one, no change.
Regarding inflation, prices increased at a moderate-to-strong pace overall, with most districts reporting higher inflation than in the previous book. Meanwhile, employment shows little or no change across eleven of the twelve districts, with the outlier experiencing modest growth.
Meanwhile, businesses' outlook for the following six months was reported to show little change.
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