July 2026 Beige Book: Consumption, AI Investment and Inflation
The July 2026 Beige Book reported slight to moderate economic growth in most Federal Reserve districts. Higher fuel prices affected household spending, while inflation and policy uncertainty remained key business concerns.
Consumers and employment
Consumers became more price-sensitive, while employment generally grew at a modest pace. The combination suggests continued expansion with pressure on purchasing power.
AI and manufacturing
Businesses continued to invest in AI and automation, and manufacturing improved in several areas. Valuation and interest-rate risk remain important for technology-linked assets.