Beige Book: little growth outside manufacturing, price pressures intensify
Fed contacts report a stalled consumer, a low-hire economy and rising fuel costs.
The Fed · Wednesday, October 14, 2026 · 3:45 PM ET
The Federal Reserve's Beige Book, released Wednesday afternoon, describes an economy with little growth outside manufacturing and intensifying price pressure (Reuters, investingLive).
Growth and jobs
Two of the Fed's 12 districts reported moderate growth, three modest, four slight and three no change, investingLive reports; in the prior report 10 had grown. Reuters says the labor market stayed in a "low-hire, low-fire" state. Most districts reported little or no change in consumer spending (investingLive). The data was collected on or before October 5 (Reuters).
Prices
Three districts called price growth robust and eight moderate, and three said it was intensifying (Reuters). Firms reported elevated diesel prices, with fuel surcharges passing costs through supply chains. See our diesel story.
Rates and housing
Reuters said markets priced about a 37% chance of a hike at the October 27-28 meeting, a lower figure than the 44% to 49% cited earlier in our Fed odds story; the number depends on the source and the time of day. The Fed raised its rate last month to 3.75%-4.00% (Reuters). The Mortgage Bankers Association said the average 30-year fixed mortgage rate rose last week to 7.5%, the highest in nearly three years (Reuters).