Fed's Beige Book Shows Signs of Economic Cooling

The Beige Book report provides a mixed view of the current economic conditions, likened to 'tepid bathwater' for its lack of clear direction. Economic activity remained stable, with slight growth expectations. Consumer spending was steady, and manufacturing showed little change. Financial conditions were stable, with no major credit crunch observed. Inflation and the end of COVID-19 benefits stressed low-income households, while employment increased at a slower pace. The labor market remained strong, but hiring slowed in some areas. Inflation rose moderately, and the upcoming Fed meeting remains uncertain, with discussions on whether to pause or tighten policies.

What challenges are low and moderate income households facing as mentioned in the report?

What did Phillip Jefferson suggest regarding the upcoming June 14th meeting?