Beige Book highlights:

That's an improvement in the 'slight-to-moderate pace' in the prior two reports.

Highlights:

  • Contacts reported concerns about international trade tensions across sectors, including manufacturing and agriculture
  • Some districts saw signs manufacturing slowing amid uncertainty
  • Reports were generally positive but some districts noted signs of slowing activity
  • Outlook for coming months was solidly positive but modest
  • Employment continued to increase nationwide
  • Reports on consumer spending were generally positive but tempered
  • Wage pressures remained relatively subdued
  • Overall prices increased at a modest pace in most districts
  • Prepared by the Minneapolis Fed

That's decent overall. It's tough for the Fed to argue for rate cuts on the basis of what the data and reports are currently showing.