美联储“褐皮书”：美国物价普遍上涨，与加征关税相关

Core Viewpoint - The report indicates that price increases related to tariffs have been observed across all Federal Reserve districts in the U.S. from mid-July to the end of August, leading to a stagnation or decline in consumer spending due to rising costs outpacing wage growth [3][4][5]. Economic Impact - The Federal Reserve's "Beige Book" report, compiled from surveys of the 12 Federal Reserve Banks, highlights significant price increases in inputs, particularly in insurance, utilities, and technology services, with many companies passing these costs onto consumers [3][4]. - The average trade-weighted tariff rate for all products imported into the U.S. has risen sharply to 20.11% as of August 7, compared to just 2.44% at the beginning of the year, reflecting the government's aggressive tariff policies [5]. Labor Market Conditions - Employment levels across 11 Federal Reserve districts have remained largely unchanged, with one district reporting a slight decline in employment. Seven districts noted a reluctance among businesses to hire due to weakened demand or increased uncertainty, while two districts experienced an increase in layoffs [4].