Economic activity increased at a "slight to moderate pace" in 11 of 12 Fed Districts in late May and June, while one District reported no change. The pace of growth was close to that of last period, when activity expanded in 10 Districts, was flat in one, and down in one.

Fed Beige Book shows moderate growth and rising employment amid fuel cost concerns. Rate hike by September 2026 at 34% YES.

The Fed's July 2026 Beige Book shows 11 of 12 districts growing, with steady employment and moderate price pressures, shaping rate and risk asset outlooks.