Wu said that the latest Beige Book released by the Federal Reserve System shows that as of January 5, 2026, among the 12 Federal Reserve districts in the United States, 8 are experiencing slight to moderate growth in economic activity, 3 are essentially flat, and 1 is slightly declining, with overall performance improving compared to previous cycles. Overall employment remains relatively stable, with businesses increasingly relying on temporary labor and filling vacancies to cope with uncertainty, and wage growth has returned to a more normal level. Prices continue to rise modestly, with widespread cost pressures related to tariffs, some companies beginning to pass these costs downstream, and energy and insurance costs squeezing profit margins.