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FED'S KASHKARI: INFLATION IS STILL TOO HIGH BUT LABOR MARKET SHOWING SIGNS OF COOLING FED'S KASHKARI: FED IS GETTING INTO TRICKY SITUATION WITH MANDATES Fed's Kashkari: Fed Is Not Done With Work To Bring Inflation Back To 2% Fed's Kashkari: Data suggests the economy is slowing and moving to a soft landing. FED'S KASHKARI: GOODS INFLATION IS RISING BECAUSE OF TARIFFS

Most of the twelve Federal Reserve Districts reported little or no change in economic activity since the prior Beige Book period—the four Districts that differed reported modest growth. Across Districts, contacts reported flat to declining consumer spending because, for many households, wages were failing to keep up with rising prices. Contacts frequently cited economic uncertainty and tariffs as negative factors. New York reported that “consumers were being squeezed by rising costs of insurance, utilities, and other expenses.” Contacts observed the following responses to the consumer pullback. Retail and hospitality sectors offered deals and promotions to help pricesensitive consumers stretch their dollars—supporting steady demand from domestic leisure tourists but not offsetting falling demand from international visitors. The auto sector noted flat to slightly higher sales, while consumer demand increased for parts and services to repair older vehicles. Manufacturing firms reported shifting to local supply chains where feasible and often using automation to cut costs. The push to deploy AI partly explains the surge of data center construction—a rare strength in commercial real estate noted by the Philadelphia, Cleveland, and Chicago Districts. Atlanta and Kansas City reported that data centers had increased energy demand in their Districts. Overall, sentiment was mixed among the Districts. Most firms either reported little to no change in optimism or expressed differing expectations about the direction of change from their contacts The Fed Beige Book: Most of the twelve Federal Reserve districts reported little or no change in economic activity since the prior beige book period—the four districts that differed reported modest growth. Fed Beige Book: Most firms either reported little to no change in optimism or expressed differing expectations about the direction of change from their contacts.