The Fed Beige Book shows that economic activity is maintaining growth, with significant increases in energy costs.

The Federal Reserve stated that, amid heightened uncertainty and increased energy costs brought on by the Iran war, economic activity in most districts continued to grow at a slight to modest pace. The Fed's Beige Book released on Wednesday showed that overall price growth remains moderate, but energy and fuel costs have "surged significantly" in all 12 districts. The Beige Book stated, "The Middle East conflict is seen as a major source of uncertainty, making decisions for businesses in hiring, pricing, and capital investments more complex, with many businesses adopting a wait-and-see approach."