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16 Jul 2025
Fed Beige Book warns of flat or weakening activity throughout measured districts
The latest Federal Reserve (Fed) Beige Book, a summary of interviews with businesses, economists, and market experts, revealed that although business activity remains healthy overall and inflationary pressures remain on the subdued side, pressures are still building in the background and business operators in particular remain cautious.
Key highlights
- The latest Beige Book report was prepared by the Fed Bank of Boston based on information collected prior to July 7.
- Economic activity increased slightly from late May through early June.
- The outlook was neutral to slightly pessimistic, as only two districts expected activity to increase, and others foresaw flat or slightly weaker activity.
- Prices increased across districts, with seven characterizing price growth as moderate and five characterizing it as modest, mostly similar to the previous report.