Economic activity rose “slightly” since mid-January but businesses across the country reported uncertainty surrounding new policies from the Trump administration, particularly on tariffs, the Federal Reserve said in its Beige Book survey of regional business contacts.

The Federal Reserve’s Beige book, published eight times a year, is one of the first pieces of data encompassing the new Trump administration’s policies from mid-January. This has been a period of high economic uncertainty over tariffs and government contracts.

The Federal Reserve published its Beige Book on Wednesday, providing valuable insight into the US economy. The report compiles anecdotal evidence from the Federal Reserve's 12 regional districts, offering a real-world perspective beyond official statistics.