The much-anticipated Beige Book report on the Fed’s economic outlook has been released. The report, which includes views from 12 regional Fed branches across the country, revealed that economic activity has declined slightly since the last report. According to the report, while the economic outlook worsened in some regions, improvements were observed in others. It was noted that there was no significant change in employment, and that price increases continued at a moderate pace. Several regions reported that cost increases were strong, significant or significant. All regions noted that increased tariffs were putting upward pressure on costs and prices. They also noted that these costs were planned to be passed on to consumers within the next three months. This report was prepared by the Federal Reserve Bank of St. Louis. *This is not investment advice.