The Federal Reserve's Beige Book noted rising prices in the United States and little change in economic activity and employment in much of the country since March. The report reflected some of the early effects of U.S. President Donald Trump's capricious rollout of sweeping tariffs aimed at reshaping global trade. "Uncertainty about international trade policy was pervasive in the report. The outlook for several regions deteriorated significantly as economic uncertainty, particularly around tariffs, rose."