Fed 'Beige Book': Fuel costs squeezing Americans, Fed to review
Business
The Federal Reserve just shared that rising fuel costs are squeezing Americans's budgets; people are spending less on extras and focusing more on essentials.
The Beige Book report, released July 15, highlights how even though overall spending is up a bit, energy prices are forcing tough choices.
The Fed will dig deeper into these inflation concerns at its big meeting later this month.
Businesses optimistic despite higher energy costs
Even with tighter budgets, most businesses still feel positive about growth.
Inflation has cooled slightly, but higher energy and raw material costs, thanks to global tensions and tariffs, are making it harder for companies to raise prices.
On the bright side, jobs remain steady, and the FIFA World Cup gave tourism a nice bump in cities like Boston and Miami.