The Fed reported that the U.S. economy is 'generally positive,' but obstacles facing businesses that could lead the Fed to proceed with a rate cut.
Employment continued to expand and "labor markets remained tight," the Fed reported in its latest Beige Book compendium of anecdotes from businesses around the country.
The U.S. economy continued growing at a "modest" rate in recent weeks, with consumers continuing to spend and a "generally positive" outlook overall even in the face of disruptions caused by U.S. trade policy, the Federal Reserve reported on Wednesday. But the more detailed text showed why the rate cut is likely to proceed, with businesses adapting on the fly to supply chain, tariff, visa and other problems. Linked to both a weakened global economy and to Trump administration policies, those trade-related issues provided the major element of doubt in the report's otherwise optimistic outlook.
In the Boston Fed district, one electronic components maker had shifted an assembly line to Germany "because most of the components in the product came from China and making the product in Germany allowed them to avoid the tariffs."
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