Fed Beige Book shows 11 of 12 districts expanded as price growth slowed
The Fed’s regional survey found broad U.S. expansion from late May to early July 2026, with prices rising in all districts but inflation running at the same pace or slower than in the prior period.
The Federal Reserve’s latest Beige Book showed U.S. economic activity increased slightly from late May through early July 2026, with 11 of the 12 districts reporting expansion and one holding steady. The report said prices rose across all 12 districts—nine with moderate increases, two with robust increases and one with slight increases—but every district said inflation was unchanged or slower than in the prior reporting period. Employment growth was uneven, wage gains remained modest to moderate, and contacts generally expected the economy to keep expanding, though several districts cited elevated uncertainty over fuel costs and the outlook for prices ahead of the next Fed rate decision.
- Beige Book: The Federal Reserve’s qualitative survey of economic conditions across its regional districts.
- disinflation: A slowing in the pace of inflation rather than an outright decline in prices.
- rate hike: An increase in a central bank’s benchmark interest rate to help restrain inflation.