US Fed Beige Book "Economic Uncertainty Expands Due to Tariffs... Outlook Worsens in Some Regions"

JH Kim

Summary

The Fed stated that the economic outlook in some regions of the US has worsened due to tariffs.
US employment is recovering, and prices are growing at a stable level.
There is concern that the uncertainty of international trade policy could negatively impact the economy.

On the 23rd (local time), the Federal Reserve (Fed) of the United States reported through the Beige Book, which covers the economic conditions of 12 districts under its jurisdiction, that economic activity is stable but the outlook in several regions has sharply deteriorated due to uncertainty.

The report stated, "US employment is showing resilience, and prices are growing at an appropriate, moderate, or unchanged pace," while pointing out that "uncertainty surrounding international trade policy is pervasive."

Meanwhile, the report only reflects some of the initial impacts of US President Donald Trump's tariff measures.