The Federal Reserve’s latest Beige Book reveals that economic activity has slowed down across various regions, with half experiencing a decline. While some areas saw no change, others reported modest growth. However, the report emphasizes high levels of economic and policy uncertainty, prompting businesses and households to adopt a cautious approach in decision-making. Manufacturing activity also saw a slight downturn. Consumer spending patterns were mixed; most regions indicated either a decrease or no change in spending, with some areas anticipating an increase in spending on goods impacted by tariffs. Residential real estate sales remained largely unchanged, while construction of new homes slowed down in many areas. The report highlights varied trends in bank loan demand and capital expenditure plans. Lastly, port activity showed robust performance, while transportation and warehousing activities experienced mixed outcomes in other regions.