02:52 PM EST, 03/05/2025 (MT Newswires) -- The Fed's Beige Book showed slight growth since mid-January, but with mixed performance across the Fed districts as consumer spending slowed, particularly for discretionary items.

Employment was slightly higher, with more labor availability but increased uncertainty over immigration. The pace of price increases was higher in several districts. Some firms reported raising prices in advance of expected higher tariffs.

Recent comments of note:

(March 4) New York Fed President John Williams (voter) said that tariffs could boost inflation, but it is unclear how much the impact will be, adding that monetary policy remains well positioned.

(March 3) St. Louis Fed President Alberto Musalem (voter) said that a "patient" approach to monetary policy is appropriate given the level of inflation remains above the FOMC's 2% target and labor markets remain healthy. Musalem added that inflation expectations need to continue to be monitored to ensure that they remain well-anchored.

(Feb. 27) Philadelphia Fed President Patrick Harker (nonvoter) said that the current policy rate is restrictive enough to lower inflation, but not enough to damage the rest of the economy and should be given time to work before further reductions are considered. He added that policy decisions should not be made based on one month's data.

(Feb. 27) Kansas City Fed President Jeff Schmid (voter) said that the FOMC must remain vigilant given the uptick in inflation expectations and recent inflation data that show progress toward the 2% inflation goal may have stalled.