The Federal Reserve's "Beige Book" shows that tariff costs continue to put pressure on the economy.

The national economic report released by the Federal Reserve on the 14th showed that, based on information collected from mid-November 2025 to early January 2026, most Federal Reserve districts saw improvements in economic activity, but cost pressures from tariffs continue. According to the Federal Reserve Act of the United States, the country is divided into 12 Federal Reserve districts, each with a Federal Reserve Bank. The report, compiled based on the latest survey results of the 12 Federal Reserve Banks, is also known as the "Beige Book." The report stated that, thanks to the holiday shopping season, consumer spending in most Federal Reserve districts saw slight to moderate growth. Prices in the vast majority of Federal Reserve districts rose moderately, with only 2 districts seeing slight price increases. The report pointed out that all Federal Reserve districts continue to face cost pressures from tariffs. Due to inventory depletion or increased pressure to maintain profit margins, some businesses have begun passing on the costs of tariffs to consumers. The report also noted that artificial intelligence currently has limited impact on employment but is expected to have a more significant impact on employment in the coming years.