Fed Beige Book: Spending on goods affected by tariffs has increased

Odaily News The Federal Reserve Beige Book said that half of the regions reported a slight to moderate decline in economic activity, 3 regions reported no change, and 3 regions reported a slight increase. All regions pointed out that economic and policy uncertainty is at a high level, causing businesses and households to be hesitant and cautious in their decisions. Manufacturing activity declined slightly. Consumer spending reports were mixed, with most regions reporting a slight decline or no change in spending; however, some regions reported an increase in expected spending on goods affected by tariffs. Residential real estate sales changed little, and most regions reported that new home construction reported flat or slowing construction activity. Reports on bank loan demand and capital spending plans were mixed. Port activity was active, but other regions reported mixed reports on transportation and warehousing activities. (Jinshi)