The US economy shows moderate expansion with improving employment figures. Inflation is easing across Federal Reserve districts, though fuel costs remain a concern. Businesses anticipate continued growth while facing elevated input expenses. The labor market remains resilient without generating excessive wage pressures. Geopolitical developments and tariffs continue to shape the economic outlook.

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.