Beige Book: Kansas City and San Francisco Districts See No Economic Growth

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In today’s release of the Federal Reserve’s August 2026 Beige Book, ten of the twelve federal reserve districts reported moderate growth since early July, but the Kansas City and San Francisco district banks reported no change in economic activity. Both reported softening consumer spending, as high energy prices pressure wallets and force consumers not only to shift to value-oriented retail establishments, but also to increase their use of credit cards for purchases. Financial institutions noted that some stress in loan portfolios is beginning to materialize.

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