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      US Beige Book - July 2026
      Submitted Jul 15, 2026      |From federalreserve.gov

      Economic activity increased at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District reported no change. The pace of growth was quite close to that of last period, when activity expanded in ten Districts, was flat in one, and down in one. Consumer spending edged up as higher prices, particularly for fuel, dampened sales in other categories. Several Districts noted declines in spending on discretionary items or trading down to more affordable varieties. Tourism was up, with some Districts receiving a boost from World Cup visitors. Auto dealers reported little change in sales, but spending on repairs grew as consumers held onto vehicles for longer. Agricultural conditions deteriorated due to lower commodity prices, higher input costs, and tighter credit. In the energy sector, oil and gas drilling increased. Manufacturing production grew modestly to moderately in most Districts, led by stronger orders from the data center, machinery, and defense sectors. Manufacturers in several Districts said supply chain issues were more common. Construction and real estate activity increased slightly overall, with several Districts noting growth in data center building. Financial conditions were stable on net, and commercial and consumer loan volumes were both up modestly. Commercial loan quality was stable, but consumer loan quality ticked down. Transportation activity increased modestly amidst ongoing supply chain changes related to higher tariffs and the conflict in the Middle East. Overall, activity in other service industries also was up modestly, with Districts highlighting growth in health care and professional services. Social service providers were Fed Beige Book: Contacts generally expected the economy to continue to expand in the coming months, but several districts noted elevated uncertainty in the outlook for fuel costs. Beige Book: "Economic activity increased at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District reported no change" Fed Beige Book: Employment rose on balance, with five districts showing modest, moderate, or solid gains in employment, and with seven districts experiencing little to no change. Just in | The latest Fed Beige Book reveals moderate price increases across nine districts, robust growth in two, and slight growth in one, with overall price growth remaining steady or slowing compared to the previous reporting period.

      Fed's Cook: It is prudent to wait ‘a bit more time' for inflation to slow, but she is prepared...
      Submitted Jul 15, 2026      |From @financialjuice

      Fed's Cook: It is prudent to wait ‘a bit more time' for inflation to slow, but she is prepared to act if it does not occur 'soon'. Fed's Cook: Since last summer there has been a notable shift in risk towards higher inflation and away from the job market, which appears stable. Economic Outlook Thank you, Paul, for that kind introduction. I am honored to speak with you and all who have joined us here today.1 Persistently elevated inflation imposes an unacceptable burden on American families, and it is the Federal Reserve's responsibility to restore price stability. As a monetary policymaker, this challenge is top of mind for me. I am watching both sides of our dual mandate—price stability and maximum employment. However, as I have stated at several points this year, the risks from high inflation concern me more at this time.2 Even though this week's consumer price index and producer price index reports were softer than expected, they still imply that the price index we target rose 3.7 percent in the 12 months through June. That is 1.7 percentage points above our 2 percent target. We have not reached our 2 percent target in more than five years. To contextualize my views on the dual mandate, I would like to give you a broader sense of my economic outlook and discuss recent developments in monetary policy.