美联储褐皮书：关税推动物价上涨，消费者正感受到压力

Group 1 - The Federal Reserve's Beige Book indicates that tariffs imposed by the Trump administration are contributing to rising overall inflation, with businesses struggling to balance absorbing costs and passing them on to customers [1] - The report shows that since the last release on September 3, the overall economic growth in the U.S. has "remained largely unchanged," with a stable labor market but continued weak demand across most Federal Reserve districts [1] - Labor supply remains tight in sectors such as hotels, agriculture, construction, and manufacturing, influenced by recent changes in immigration policy [1] Group 2 - The term "tariff" appeared 64 times in the report, a decrease from 100 times in the August report, indicating a shift in focus [1] - The report notes that while input costs have risen due to tariffs, the extent to which these costs are passed on to final product prices varies among businesses [1] - Some companies have chosen to keep prices stable to maintain competitiveness, while others have fully passed on higher import costs to consumers [1] Group 3 - The report comes amid a government shutdown that has lasted three weeks, leading to missing economic data, which may increase the weight of the Beige Book in decision-making [2] - Consumer spending has slightly declined, although luxury goods and travel spending by high-income groups remain "strong," while lower-income groups rely more on discounts and promotions [2] - There is a cautious sentiment among businesses due to the ongoing government shutdown, despite some regions showing improved future expectations [2]