Federal Reserve's Beige Book: Tariffs are putting upward pressure on costs and prices

According to Golden Finance, the Federal Reserve's Beige Book states that prices have risen at a moderate pace since the last report. There are widespread reports that respondents expect costs and prices to rise at a faster pace in the future. A few regions described these expected cost increases as strong. All regional reports indicate that higher tariff rates are putting upward pressure on costs and prices. However, the respondents responded differently to these higher costs, including raising prices for affected goods, raising prices for all goods, reducing profit margins, and charging temporary fees or surcharges. The interviewees who plan to transfer the costs related to tariffs are expected to take action within three months.