Fed Saw ‘Broadly Based’ Growth in Year’s Final Report
The U.S. central bank also noted possible upward price pressure in the future as transportation costs rise after new trucking rules go into effect.
The report, commonly known as the Beige Book, is a summary of economic activity in the Fed’s 12 banking districts.
“The majority of districts noted that retail spending was up on a year-over-year basis. Expectations for holiday retail sales were reported as generally positive,” the Fed said in its report.
The Fed’s Boston district report noted “concern” that “new trucking regulations” could push transportation costs higher and prices could rise in the near future as a result.
In San Francisco, the Fed’s district bank said those rules might also “make it more difficult to hire drivers.”