02:31 PM EDT, 10/15/2025 (MT Newswires) -- The Fed's Beige Book showed that US economic activity was little changed on net since early-September while employment levels were roughly stable, labor demand was muted and prices increased further due to higher costs, particularly trade-related costs.

Fed Governor Stephen Miran (voter) said that uncertainty from trade issues with China are an additional reason for the FOMC to act quickly and aggressively to lower interest rates as a protection against future shocks.

Recent comments of note:

(Oct. 14) Fed Chairman Jerome Powell (voter) that there has been little change to the economic picture, including continued labor market weakness, since the last Federal Open Market Committee four weeks ago, based on the data that has been available during the government shutdown. Powell said that the Fed will continue to act based on incoming data and not on a preset path after other Fed officials have recently advocated for the median estimate of two further rate reductions this year seen in the Summary of Economic Projections. Powell also said that the FOMC may approach the point where it can stop its balance sheet runoff "in the coming months" but did not commit to an exact end date.

(Oct. 14) Boston Fed President Susan Collins (voter) said that it would be appropriate to lower rates further this year as risks to the job market have increased but said that she would remain open to more information due to uncertainty.

(Oct. 14) Fed Vice Chair for Supervision Michelle Bowman (voter) said that she expects two further rate cuts this year, citing a slowing labor market and consumer spending.

(Oct. 13) Philadelphia Fed President Anna Paulson (nonvoter) said that she expects tariff effects on inflation to be smaller and shorter termed than previously anticipated and should be viewed as such when considering monetary policy changes. Paulson said that she sees two more rate cuts this year as a likely scenario.