Economic stresses have increased over the past several weeks, according to a new report from the Federal Reserve, which noted softening in consumer spending, continued inflation pressure, and more evidence of a pullback in bank lending.
The Fed’s latest “Beige Book,” a compendium of surveys and interviews carried out across its 12 districts, showed that overall economic activity in the United States remained little changed in recent weeks, with patches of weakness.
Overall, the report is more pessimistic in tone compared to the prior one, which was released in early March, before the collapse of Silicon Valley Bank (SVB) and the ensuing banking sector turmoil….