**[Federal Reserve Beige Book: Economy Moderately Rebounds, Employment Stable, Tariff Costs Begin to Shift to Consumers]** According to Jintou reports, the Federal Reserve Beige Book indicates that in 12 Federal Reserve districts, overall economic activity grew at a slight to moderate pace in 8 districts, remained unchanged in 3 districts, and moderately declined in 1 district. This marks an improvement compared to the past three reporting cycles, during which most districts reported little change in economic activity. The Beige Book shows a slightly optimistic outlook for future activity, with most districts expecting slight to moderate growth in the coming months. The Beige Book reveals that during this cycle, most banks reported slight to moderate growth in consumer spending, primarily driven by the holiday shopping season. Recent employment conditions have remained largely unchanged, with 8 out of 12 districts reporting no changes in hiring activity. Prices in the vast majority of districts grew at a moderate pace, with only two districts reporting slight price increases. Tariff-induced cost pressures remain a common issue across all districts. As pre-tariff inventories are depleted, businesses are passing on additional costs to consumers, signaling emerging inflationary pressures.