Fed Beige Book April 2026: Growth Holds but Energy and Inflation Risks Rise

National Summary

Overall Economic Activity

In the April 2026 Beige Book, eight of the twelve Federal Reserve districts reported slight to modest increases in economic activity. Two districts said activity was unchanged, and two recorded slight declines. Contacts pointed to uncertainty related to conflict in the Middle East – higher oil prices, potential shipping interruptions and changing tariffs – as a major risk influencing hiring, pricing and investment decisions. Despite this uncertainty, manufacturing output rose, banking activity remained steady, and consumer spending increased slightly. Retailers noted that higher‑income households remained willing to spend, while lower‑income households were more price sensitive. Housing market activity softened because mortgage rates remained elevated. Commercial real estate leasing improved modestly after a weak winter. Energy activity increased slightly due to higher oil prices, but producers were cautious about major investments. Agricultural conditions were mixed – higher commodity prices supported profits while fertilizer and fuel costs eroded margins.

Labor Markets

Labor markets were steady overall. Several districts reported slight employment growth, while others said hiring was flat. Many firms relied on temporary or contract workers as a buffer. Labor availability improved in sectors such as construction and manufacturing, though shortages persisted in skilled trades and healthcare. Wage growth remained modest, partly because firms were cautious about increasing fixed costs. Some employers introduced wage freezes or deferred hiring because of the uncertain outlook. A common theme was greater use of automation and AI to boost productivity rather than replace workers.

Prices

Prices increased at a moderate pace. Input costs rose for energy, metals and other raw materials due to tariffs and the conflict, and insurance and technology costs also rose. Many firms noted that their profit margins were squeezed because they were reluctant to fully pass higher costs to customers. Overall, firms expected prices to continue increasing moderately, with some sectors forecasting slower price growth later in the year.

District Highlights

The Beige Book summarized conditions across the twelve districts:

• Boston – Activity declined slightly; employment and wages were roughly flat; prices rose moderately with energy and metals surcharges.
• New York – Economic activity declined modestly; employment was steady; wage growth was modest; price increases were moderate.
• Philadelphia – Activity grew slightly; manufacturing was up; employment declined slightly; wage growth was modest; input cost increases were filtering through to prices.
• Cleveland – Activity increased modestly; employment rose slightly; wages increased modestly; non‑labor costs rose robustly while selling prices rose moderately.
• Richmond – Growth was modest; consumer spending and tourism increased; manufacturing and residential real estate were unchanged; employment and wages increased slightly; prices rose moderately.
• Atlanta – Economic activity grew modestly; employment was flat; wages and prices grew modestly; consumer spending and tourism increased; housing demand strengthened while commercial real estate improved.
• Chicago – Activity increased slightly; manufacturing and consumer spending rose slightly; employment and business spending were flat; prices and wages increased moderately.
• St. Louis – Activity was unchanged; employment was flat; wages and prices increased moderately; outlook cautiously optimistic.
• Minneapolis – Activity increased slightly; employment grew modestly; wage growth and price pressures were moderate; consumer spending and services were flat; agriculture remained weak.
• Kansas City – Activity grew slightly; employment was flat; firms added energy and input‑cost surcharges; consumer spending increased slightly; energy activity remained steady.
• Dallas – Activity rose slightly; manufacturing growth slowed; the service sector was nearly flat; bank lending and retail sales grew; energy sector activity ticked up; employment grew slightly; prices increased modestly to robustly.
• San Francisco – Activity was stable but subdued; employment was stable; wages rose slightly; price pressures were moderate; retail sales increased slightly; manufacturing and real estate were steady, while agriculture softened.

District Summaries

Federal Reserve Bank of Boston

Summary of Economic Activity – The First District recorded a slight decline in economic activity, largely because of weaker residential real estate. Consumer spending was essentially flat: ski‑resort areas had strong tourism, while Boston‑area hotels were hurt by winter storms and the professional hockey schedule. Manufacturing output grew slightly, and non‑financial services activity increased. Banks reported stable credit demand but noted a small uptick in nonperforming loans; contact uncertainty about the Middle East conflict weighed on investment decisions.

Labor Markets – Employment and wages were roughly flat. Firms reported increased demand for temporary and contract workers. Layoffs occurred in health care and life sciences, while a few staffing firms noted improved labor supply for entry‑level jobs and software engineering. Wage growth slowed as firms looked to control costs.

Prices – Prices rose moderately, driven by energy and metals, tariffs and technology costs. Many firms said they absorbed rising input costs rather than fully passing them on, compressing margins.

Consumer Spending and Tourism – Retail activity was flat; revenue was up slightly for some retailers but down for restaurants because of higher labor and food costs. Tourism was mixed: ski areas reported brisk business, while urban hotels saw lower occupancy.

Manufacturing and Non‑Financial Services – Manufacturing output increased slightly; firms noted supply disruptions linked to the Middle East conflict and were cautious about capital spending. Nonfinancial services grew modestly but were weighed down by delayed research funding. Higher education institutions reported uncertainty about students’ ability to pay.

Financial Services and Real Estate – Banks reported steady demand for loans, but nonperforming loans ticked higher. Commercial real estate leasing was flat, nonresidential construction slowed, and home sales declined; multi‑family leasing fell as tenants faced high rents.

Federal Reserve Bank of New York

Summary of Economic Activity – Economic activity in the Second District declined modestly. Manufacturing was flat, while service businesses faced widespread declines. Housing sales slowed. Contacts cited uncertainty about the Middle East conflict and shipping disruptions. Despite the decline, businesses expected conditions to improve somewhat.

Labor Markets – Employment was steady. Some sectors (manufacturing, personal services) added staff, while others (construction, information and professional services) reduced employment. Hiring was particularly strong for high‑skilled tech and finance roles; AI adoption reduced demand for routine tasks. Wage growth remained modest, and the premium for switching jobs diminished.

Prices – Price pressures increased moderately, partly because of tariffs and energy costs. Input cost increases outpaced selling price increases. Firms noted difficulty adjusting to rapidly changing tariff schedules.

Consumer Spending – Consumer spending grew slightly overall but was uneven. Weather disruptions slowed traffic. Credit‑card usage increased, and auto sales improved modestly. Tourism continued to rebound, though some travel firms expected cancellations if the conflict intensified.

Real Estate and Construction – Housing markets cooled as rising rates and limited inventory deterred buyers. Office and industrial leasing remained strong, with some data‑center development. Residential rents were stable to down in Manhattan.

Banking and Community Perspectives – Loan demand was moderate; deposit flows were stable. Community organizations reported that rising energy costs strained low‑income households and food banks experienced high demand.

Federal Reserve Bank of Philadelphia

Summary of Economic Activity – The Third District’s economy grew slightly. Manufacturing activity increased modestly; nonmanufacturing remained steady. Auto sales declined slightly. Overall consumer spending improved, although some retailers reported softening demand due to adverse weather and high prices. Businesses expressed optimism but noted that extended conflict could dampen growth.

Labor Markets – Employment declined slightly, largely because firms completed hiring and turned to productivity improvements. Skilled workers remained scarce, and the cost of benefits continued to rise. Wage growth remained modest.

Prices – Prices increased moderately with rising transportation costs, tariffs, insurance and health care. Many firms absorbed cost increases, but some were beginning to pass them through. Contacts expected lagged input‑cost pass‑through to push prices higher later this year.

Manufacturing – Manufacturers reported moderate growth. Increased uncertainty made some firms cautious about capital investments. Demand for data‑center equipment and defense goods boosted orders for some producers.

Trade and Services – Nonmanufacturing activity was flat. Retailers said spending had been bolstered by early spring tourism; energy costs weighed on profits. Grocery stores saw increased price sensitivity. Tourism receipts improved slightly.

Real Estate and Construction – Housing activity declined slightly; rising mortgage rates reduced demand. High‑end markets were resilient, while entry‑level prices softened. Nonresidential construction activity decreased; more warehousing space became available due to data‑center projects.

Credit Conditions – Bank lending volumes grew modestly, with mortgage and home‑equity lines of credit up. Credit standards tightened further; some small businesses reported higher delinquency rates.

Federal Reserve Bank of Cleveland

Summary of Economic Activity – Fourth District business activity increased modestly. Manufacturing demand rose; retail demand fell because high fuel prices reduced discretionary spending. Housing rebounded after severe winter weather. Businesses expected continued modest growth.

Labor Markets – Employment grew slightly but at a slower pace than earlier in the year. Some firms used AI to improve productivity and to reassign workers rather than reduce staff. Wage growth remained moderate; a few firms froze wages to control costs.

Prices – Nonlabor input costs rose robustly due to energy, metals and fertilizer price increases and software costs. Firms expected cost pressures to continue. Selling prices increased at a moderate rate but lagged input costs.

Consumer Spending – Retail spending declined as households cut back due to high fuel prices and storms. Contacts expected spending to remain flat in coming months.

Manufacturing – Manufacturing demand grew modestly. Some producers serving defense and data‑center clients experienced strong demand. Many firms were cautious about capital spending because of geopolitical uncertainties.

Real Estate and Construction – Housing demand rebounded; commercial real‑estate demand increased moderately, driven by data‑center and industrial projects. However, some contacts delayed investment because of uncertainty about the conflict and tariffs.

Financial Services and Nonfinancial Services – Loan demand increased. Commercial lending was strong; consumer credit growth was mixed. Demand for nonfinancial services such as consulting and freight remained robust, though some providers feared a drop‑off if conflict persisted.

Federal Reserve Bank of Richmond

Summary of Economic Activity – The Fifth District’s economy grew modestly. Consumer spending and tourism rose; nonfinancial services demand increased; ports saw higher volumes. Manufacturing and residential real estate were flat, while commercial real estate increased moderately. Employment and wages increased slightly, and prices rose moderately.

Labor Markets – Employment increased slightly; some firms struggled to find workers with specialized skills. Wage growth was modest, with employers willing to pay more to retain talent. Some firms reduced hours or delayed hiring because of uncertainty.

Prices – Prices grew moderately. Service firms reported roughly 3 % year‑over‑year price growth, and manufacturers said price growth approached 5 %. Tariffs and higher oil prices pushed up input costs, including tungsten carbide and asphalt.

Manufacturing and Ports – Manufacturing activity was generally unchanged, though some producers benefited from data‑center construction. Port volumes improved modestly, but rising fuel costs added surcharges to shipping rates.

Retail and Tourism – Consumer spending grew modestly; retailers noted customers’ price sensitivity. Tourism improved late in the winter, though some hotels remained cautious because of the uncertain environment.

Real Estate and Banking – Residential real estate was flat, with builders citing high land costs. Commercial real estate improved; office markets were tight, and demand for data‑center space was strong. Banks reported stable loan demand and credit quality.

Federal Reserve Bank of Atlanta

Summary of Economic Activity – Sixth District economic activity grew modestly. Employment was flat, while wages and prices grew modestly. Consumer spending and tourism increased modestly; housing demand improved but housing starts fell. Commercial real estate strengthened; manufacturing and energy activity rose. Agricultural conditions were flat to slightly down.

Labor Markets – Employment was flat overall. Some sectors hired, including construction and warehousing, while others were cautious. Wages increased modestly (about 2–4 % annually); many firms looked to AI and automation to boost productivity.

Prices – Prices increased modestly. Energy surcharges and shipping costs rose, and some materials such as memory chips were in short supply. Land and insurance costs also increased. Firms’ pricing power varied: luxury goods producers had more scope to raise prices than commodity producers.

Consumer Spending and Tourism – Consumer spending grew modestly but remained fragile for lower‑income households. Tourism picked up, with healthy spring‑break demand and strong cruise bookings, though high fuel prices raised concerns.

Construction and Real Estate – Housing demand improved, particularly for entry‑level homes, but new starts declined because of high costs. Commercial real estate was strong, with high demand for Class‑A office space and data centers; retail vacancies ticked up slightly.

Transportation and Manufacturing – Transportation activity improved modestly; rail traffic was robust, but trucking and ports were mixed. Manufacturing grew modestly, with strong demand for beverages and luxury goods; cost pressures remained significant.

Banking, Energy and Agriculture – Bank loan growth was moderate; auto lending increased, but commercial lending declined. Energy activity increased due to high prices, but producers remained cautious about expanding drilling. Agricultural conditions were flat to slightly down; high input costs and international competition weighed on farmers.

Federal Reserve Bank of Chicago

Summary of Economic Activity – Seventh District activity increased slightly. Manufacturing demand rose modestly; consumer spending increased slightly; construction and real estate activity rose slightly; employment and business spending were flat; prices and wages increased moderately; financial conditions tightened modestly.

Labor Markets – Employment was unchanged. Firms used more temporary workers and limited overtime. Wage growth was moderate; benefits costs, especially health insurance, continued to rise.

Prices – Prices increased moderately. Input costs such as metals, raw materials and energy rose, but some retailers were insulated by long‑term shipping contracts; gas prices increased significantly.

Consumer Spending – Consumer spending grew slightly. Off‑price apparel and groceries were popular; durable goods sales were steady; leisure spending slipped. Auto sales improved as supply chain conditions normalized; hotel occupancy improved.

Business Spending and Manufacturing – Business spending was flat, with many firms holding off on capital expenditures due to uncertainty. Manufacturing demand increased modestly, especially for chemicals, primary metals and machinery; auto production declined, while heavy‑truck production rose.

Construction and Real Estate – Activity was flat. Residential construction declined; multi‑family projects were costly; commercial real estate was stable; data‑center and infrastructure projects supported some nonresidential construction.

Finance and Agriculture – Financial conditions tightened slightly; business loan demand increased, consumer lending was flat; loan quality decreased slightly but remained healthy. Agricultural input costs (fertilizer, fuel) rose faster than output prices; farmers shifted crop mixes and saw higher equipment prices.

Federal Reserve Bank of St. Louis

Summary of Economic Activity – Economic activity in the Eighth District remained unchanged, but contacts expected growth to pick up later in the year. Employment remained flat; wages and prices increased moderately. Consumer spending was flat, but tourism was robust in certain areas. Manufacturing grew modestly; contacts were optimistic but worried about the conflict’s effects.

Labor Markets – Employment was unchanged; many firms maintained current headcounts. Wage growth was moderate; skill shortages drove up pay in some sectors. Nurse turnover continued to rise.

Prices – Prices increased moderately. Rising fuel costs were a major concern. Transportation firms raised contract rates by about 5 %.

Consumer Spending and Tourism – Consumer spending was flat; retailers offered discounts to clear inventory. Tourism was strong in Kentucky, and travel demand held up despite higher fuel prices.

Manufacturing and Nonfinancial Services – Manufacturing increased modestly with new orders up, helped by tariffs that shifted production to domestic suppliers. Nonfinancial services were unchanged; shipping volumes were strong, but some contacts worried about future tariffs.

Real Estate and Banking – Residential real estate activity was unchanged; inventories increased. Commercial real estate activity was mixed. Banks reported that commercial lending pipelines were healthy, but mortgage refinancing declined. Agricultural conditions were unchanged, though high input costs squeezed margins.

Federal Reserve Bank of Minneapolis

Summary of Economic Activity – Ninth District economic activity increased slightly. Employment and wages grew modestly; price pressures were moderate but input‑cost increases were intensifying. Consumer spending and services were flat; manufacturing, commercial construction, real estate and energy activities expanded. Agriculture remained weak.

Labor Markets – Employment grew slightly, primarily for replacement hires; layoffs were low. Wage growth was moderate, but some workers sought additional training to improve prospects. Employers had difficulties filling skilled positions.

Prices – Prices increased modestly, but more than half of firms reported rising input costs, particularly freight (due to high diesel prices), resin and other raw materials. Many firms raised prices to offset costs, though customers resisted.

Consumer Spending and Services – Consumer spending was flat; some restaurants struggled with higher costs and limited budgets. Passenger volumes were mixed at airports; vehicle sales declined year‑over‑year. Services were flat overall; financial services grew slightly, while other nonfinancial services slowed.

Construction and Real Estate – Construction activity increased modestly; nonresidential projects such as data centers were strong. Residential construction was flat, but home sales improved in some markets. Commercial real estate improved modestly.

Manufacturing and Agriculture – Manufacturing rose moderately, supported by new orders. Manufacturing contacts reported limited visibility into demand beyond a few weeks. Agriculture remained weak due to high fuel and fertilizer costs, though farmers planned to plant more corn. Energy exploration increased slightly.

Federal Reserve Bank of Kansas City

Summary of Economic Activity – Tenth District economic activity grew slightly. Employment was flat; wages were limited. Input‑cost surcharges related to higher energy costs were common, and firms responded by boosting efficiency. Consumer spending increased slightly, though discretionary categories softened. Energy activity was steady; producers were hesitant to expand drilling because of uncertainty about oil prices and regulatory risks.

Labor Markets – Labor conditions remained steady; firms used technology and workflow improvements to ease operational constraints. Some firms reported difficulties finding skilled workers, while others froze hiring. Wage increases were limited as businesses tried to manage costs.

Prices – Prices increased slightly. Energy surcharges and supply‑chain disruptions raised costs. Consumers faced higher prices for essentials, and many households increased credit‑card balances; delinquencies rose.

Consumer and Community Conditions – Consumer spending rose slightly overall but remained soft in discretionary categories; low‑ and moderate‑income households faced high inflation and credit constraints. Community organizations observed increased demand for food and energy assistance.

Manufacturing and Business Activity – Manufacturing and other business activity improved slightly. Firms facing higher costs invested in efficiency improvements; technology adoption, including AI, helped offset labor shortages.

Real Estate and Construction – Real estate activity was mostly unchanged; housing demand improved slightly. Commercial real estate experienced limited construction; firms were cautious about investments. Energy activity was steady as oil and gas producers hedged rather than expand drilling; agriculture remained bifurcated – some producers benefited from high commodity prices, while others struggled with high input costs.

Federal Reserve Bank of Dallas

Summary of Economic Activity – The Eleventh District’s economic activity rose slightly. Manufacturing growth slowed; the service sector was nearly flat. Bank lending, retail sales and commercial real estate transactions grew. Energy sector activity ticked up. Drought conditions worsened. Employment grew slightly, and wage and price growth ranged from modest to robust.

Labor Markets – Employment grew slightly in services, remained flat in manufacturing and energy. Wage growth was modest in services and solid in manufacturing. Hiring was cautious because of uncertainty; some energy firms may cut jobs following mergers.

Prices – Price pressures were moderate but elevated in manufacturing and energy. Firms cited rising fuel, raw material and insurance costs. Expectations for input and selling prices increased, particularly in manufacturing.

Manufacturing and Retail – Factory output grew modestly; durable‑goods production was weak, nondurable‑goods production strong; refinery output increased. Retail sales were flat to up slightly, with discounters performing well. Shipping costs rose because of high oil prices, and auto sales slowed.

Services and Real Estate – Service sector activity was flat; high fuel costs and the partial government shutdown hampered professional services. Airlines remained busy but worried about fuel prices. Home sales slowed; mortgage rates remained high; incentives such as lower prices were common. Commercial real estate improved; office leasing was strong in prime properties and industrial demand remained buoyed by logistics and manufacturing.

Banking, Energy and Agriculture – Bank lending increased due to commercial real estate demand, while consumer lending was weak. Energy activity ticked up but drilling remained flat; producers were cautious about 2026 due to price volatility. Drought persisted, hurting crops and livestock. Community organizations noted rising social‑service demand and food costs.

Federal Reserve Bank of San Francisco

Summary of Economic Activity – The Twelfth District reported stable but subdued conditions. Employment was stable, wages rose slightly, and prices increased moderately. Retail sales increased slightly, while manufacturing, commercial real estate and financial services remained steady. Agricultural and residential real estate activity softened. Households were strained by high fuel prices and elevated insurance costs.

Labor Markets – Employment remained stable overall, though some sectors trimmed headcount. AI adoption reduced hiring needs. Wage growth was modest, supported by minimum‑wage increases and union contracts in certain sectors. Some employers froze wages or hiring to contain costs.

Prices – Price growth was moderate but influenced by energy cost surges. Transportation and materials costs increased, as did insurance and health‑care costs. However, prices for rentals, agricultural goods and manufacturing equipment declined in some cases.

Community Conditions – Demand for social services remained high; rising gas prices strained budgets for low‑income households. Nonprofits faced funding cuts.

Retail Trade and Services – Retail sales increased slightly, particularly for footwear, apparel and home improvement. Many households focused spending on necessities. Tariffs raised costs, and Asian energy rationing caused supply disruptions. The service sector was steady; travel increased, but entertainment production slowed because of relocation of film projects.

Manufacturing, Agriculture and Real Estate – Manufacturing remained unchanged; demand for equipment was soft. Producers of packaging machinery saw stable orders, but some sectors were weak due to the popularity of weight‑loss drugs. Agriculture softened because input costs were high and fertilizer supplies were uncertain. Residential real estate cooled; single‑family demand was steady but multi‑family leasing and construction slowed. Commercial real estate was stable overall, with strong industrial and retail leasing, stagnant office markets and limited new office construction.

Financial Institutions – Loan demand was stable; mortgage refinancing increased. Deposit flows were steady, but banks noted that high input costs put pressure on farm borrowers.

Overall Expectations

Most districts expected slight to moderate growth in coming months despite heightened uncertainty. Contacts generally anticipated continued modest job gains and moderate wage growth, with AI and automation helping firms manage costs. Price pressures were expected to persist as energy and input costs remain high, but many firms foresaw slower selling‑price increases later in the year. Manufacturing firms remained cautiously optimistic, with data‑center projects and defense demand providing support, but capital spending plans were often on hold. Consumer spending was likely to remain uneven – higher‑income households were expected to sustain spending on travel and discretionary goods, while lower‑income households would remain constrained by rising living costs. Housing activity was anticipated to stay soft until mortgage rates decline.

Implications for the Next FOMC Meeting

The Beige Book provides qualitative information that Federal Reserve officials use to gauge regional economic conditions ahead of Federal Open Market Committee (FOMC) meetings.

The April 2026 report suggests that the economy is expanding modestly, with stable employment and moderate price pressures. The Middle East conflict and related energy‑price surge have raised uncertainty and could fuel inflation if supply disruptions intensify. However, wage growth remains contained and businesses expect slower price increases later this year. These findings suggest that the Fed may continue its current monetary stance rather than make significant policy changes. If inflation pressures persist because of energy costs, policymakers may consider tightening; conversely, signs of slowing growth and fragile consumer demand could argue for patience or easing. The mix of modest growth, moderate inflation and uncertain outlook may support a wait‑and‑see approach, emphasizing data‑dependence at the next FOMC meeting.

Changes Compared with the February 2026 Beige Book

Comparing the April report with February’s Beige Book reveals several notable changes:

• Broader improvement in activity – In February, seven districts reported slight to moderate growth, while the number reporting flat or declining activity increased from four to five. In April, eight districts reported slight to modest growth, two were unchanged and two experienced slight declines. This suggests that overall momentum improved slightly.
• Consumer spending strengthened slightly – February’s report noted that consumer spending increased slightly on balance but was dampened by price sensitivity and storms. By April, consumer spending increased modestly in more districts, with high‑income households maintaining spending.
• Manufacturing conditions improved further – February’s national summary described manufacturing activity improving, with eight districts reporting growth and two reporting declines. In April, manufacturing rose in most districts, benefiting from data‑center and defense demand.
• Housing softened – February highlighted declines in residential real estate activity in most districts. April’s report similarly noted soft housing demand but pointed to a small rebound in some districts after winter storms, although sales remained generally weak.
• Labor markets steadied – February reported that employment levels were generally stable, with rising input costs, softer demand and uncertainty restraining hiring. April painted a similar picture but noted improved labor availability and modest wage growth.
• Prices remained elevated – Both reports emphasized moderate price increases. February highlighted that tariffs and higher nonlabor inputs were driving costs, and April reinforced this theme while calling out surges in energy and metals prices due to conflict.
• Emergence of geopolitical risks – While February’s report mentioned tariff‑related costs, the April report underscored that conflict in the Middle East had become a significant source of uncertainty affecting hiring, investment, shipping and energy prices.

Overall, the April Beige Book suggests that economic conditions improved modestly relative to February, but the outlook was clouded by geopolitical risks and high energy prices. Policymakers will weigh these developments when deliberating at the next FOMC meeting.

FAQ

What did the April 2026 Beige Book say about the U.S. economy?

The report said overall economic activity increased at a slight to modest pace in eight of the twelve Federal Reserve districts, while two reported little change and two reported slight to modest declines.

Did the Beige Book show inflation pressure is still present?

Yes. Price growth remained mostly moderate, but input costs rose faster than selling prices in many districts, with energy, freight, metals, insurance, and health-care costs all contributing to pressure on margins.

What did the Beige Book suggest about the labor market?

Labor markets were broadly steady to slightly stronger, with low turnover, limited layoffs, improved labor availability, and hiring focused mostly on replacement rather than expansion.

How could this report affect the next Fed meeting?

The report supports a cautious, data-dependent Fed stance: growth is still positive, but inflation pressure from energy and input costs remains a risk, while uncertainty is high. That mix argues more for patience than for an aggressive policy shift. This is an inference based on the report’s qualitative findings.

What changed versus the February 2026 Beige Book?

April looked slightly firmer overall: eight districts reported growth in April versus seven in February, while energy-related uncertainty became a more prominent theme and price pressure remained broadly moderate in both reports.