From the Fed's Beige Book: Six districts reported slight to moderate declines in activity. Three districts reported no change. Three districts reported slight growth. "There were widespread reports of contacts expecting costs and prices to rise at a faster rate going forward." "A few districts described these expected cost increases as strong, significant, or substantial. All District reports indicated that higher tariff rates were putting upward pressure on costs and prices." "Contacts that plan to pass along tariff-related costs expect to do so within three months." https://www.federalreserve.gov/monetarypolicy/beigebook202505-summary.htm