Fed's Beige Book: Majority of businesses remained optimistic about near-term outlook

In its closely watched Beige Book, the US Federal Reserve on Wednesday said that the majority of businesses that were surveyed remained optimistic about the near-term outlook despite concerns about tariffs and the persistent trade policy uncertainty.

The Beige Book, however, failed to help the Greenback stage a recovery and the US Dollar Index was last seen down 0.5% on the day at 98.46. Below are some key takeaways from the publication, per Reuters.

"Reports on consumer spending were mixed, although auto sales for most of the Fed's districts grew at a modest pace."

"Overall manufacturing activity was down slightly from the previous Beige Book report."

"Employment overall grew at a modest pace, but some districts noted that manufacturing employment was flat to down."

"Firms and staffing agencies universally cited tightness across various labor market segments and skill levels."

"Pace of wage growth on balance remained modest-to-moderate."

"Districts on net indicated modest price increases since the last Beige Book."

"District reports on the impact of tariffs on pricing were mixed, with some anticipating effects would not be felt for a few months."

"Home sales remained constrained in the majority of districts due primarily to low inventory levels, and new home construction activity remained flat."