Federal Reserve Beige Book: Manufacturers hoard inventories in anticipation of tariff hikes
2025-01-15 19:07:32
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On January 16, the Federal Reserve Beige Book said that most Federal Reserve districts reported strong holiday sales during the reporting period, which exceeded expectations. Auto sales rose to some extent. Construction activity generally declined. Manufacturing overall fell slightly, and some reserve districts reported that manufacturers were stockpiling inventory in anticipation of tariff increases. Activity in the residential real estate market was flat overall, with high lending rates continuing to dampen demand, although commercial real estate sales rose slightly. Non-financial services sectors grew slightly overall, with reserve districts citing growth in leisure, hotels and transportation (especially air travel). The agricultural situation remained generally weak, with farm incomes generally declining, and some areas also faced weather-related difficulties. The spread of bird flu reduced egg supplies and pushed up prices. The energy sector performed differently.
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