The Federal Reserve (FED) Beige Book: Economic fundamentals are essentially flat, and increased trade uncertainty is suppressing the outlook.

According to Wu, as of April 14, 2025, the latest Beige Book from The Federal Reserve (FED) shows that overall economic activity in the United States has changed little, but uncertainty surrounding international trade policy is widespread. Out of the 12 districts, only 5 reported a slight rise, 3 remained flat, and the remaining 4 experienced a slight to moderate decline. Employment remained flat to slightly increased overall, with several regions reflecting that businesses are slowing hiring or preparing for layoffs, and wage growth has slowed. Prices are generally rising, with six districts reporting "moderate" rises and six districts reporting "modest" rises. Most businesses have received notifications of price increases from suppliers and generally plan to pass costs onto consumers, but some consumer sectors are experiencing profit compression. The economic outlook has significantly worsened in several regions, mainly due to uncertainty related to tariffs.