Fed survey shows price pressures intensifying as fuel costs rise

The Federal Reserve's Beige Book found intensifying price pressure across its 12 districts, with 21 references to high diesel costs compared with two in the previous report. Businesses also cited tariffs, insurance, and commodities, while five districts reported reducing staffing through attrition or delayed hiring rather than mass layoffs.

Place-specific accounts show how national shocks become local life: a caterer saw tighter budgets, a Louisville venue saw fewer admissions, a Michigan bakery lost Canadian visitors, and a 7.5 percent average mortgage rate deepened housing lock-in. AI appeared on both sides of employment, enabling attrition at one firm while creating recruiter work at another.