Federal Reserve Beige Book: U.S. economy expands moderately, inflation and policy uncertainty remain risks

PANews, March 5th – According to Jinse Finance, the latest Federal Reserve “Beige Book” shows that the overall US economy remained stable at the beginning of 2026, but persistent inflation, a slowing job market, and policy uncertainty are posing new risks. The report indicates that the US economy demonstrated relatively solid fundamentals at the start of the year, yet businesses remain cautious about future prospects. Companies surveyed by the New York Fed stated that consumer spending has rebounded, but many households are still reducing large purchases due to uncertainty. In terms of employment, the “Beige Book” shows that most regions maintained stable hiring levels at the beginning of the year, but the labor market lacks obvious vitality. Inflation remains a widespread concern among businesses. The “Beige Book” notes that all 12 Fed districts reported price increases, with eight districts experiencing moderate inflation and four districts seeing slight rises. Businesses commonly mentioned rising costs for insurance, energy, and raw materials, while tariffs are also pushing up production costs.

This report was compiled by 12 regional Federal Reserve banks based on surveys conducted before February 23rd, so it does not reflect the impact of some recent major events, such as the US Supreme Court’s decision to overturn parts of tariff policy and the latest outbreak of conflict in the Middle East.