Wu said that the Federal Reserve released the economic conditions Beige Book, based on information collected before January 6, 2025, indicating that economic activity in the 12 Federal Reserve districts has seen slight to moderate growth. Consumer spending has moderately increased, and holiday sales exceeded expectations; loan activity in the financial services sector has seen slight growth, but concerns about default rates for low-income households and small businesses have risen. The labor market has slightly improved, with a small increase in employment and moderate wage growth. Overall prices have slightly risen, input costs have increased, and prices are expected to rise further in 2025. Most businesses are cautiously optimistic about the 2025 outlook, but some Federal Reserve districts have expressed concerns about the potential economic impact of immigration and tariff policies.