U.S. Fed Beige Book "Economic activity stalled in most districts... impact of tariffs and slowing demand"

On the 15th (local time), the U.S. Federal Reserve (Fed) said in its economic conditions report, the 'Beige Book', that in most districts economic activity was little changed or stagnant compared with the previous report.

The report analyzed that "most districts are experiencing difficulties due to recent tariff increases and an overall decline in demand."

Some districts reported that business lending conditions have somewhat improved following interest rate cuts, but many districts pointed out that economic activity remains weak.

Several district reports also warned that "rising uncertainty could dampen future economic activity," and "particularly, if a prolonged government shutdown continues, the risk of slower growth could increase."