The National Economic Situation Survey released by the U.S. Federal Reserve Commission on October 15 shows that under the influence of tariffs, prices of all U.S. Federal Reserve Zones continued to rise from early September to mid-October.

Under the Federal Reserve Act, the United States is divided into 12 Federal Reserve Zones, with a Federal Reserve Bank set up in each district.The report is based on the latest findings from 12 Federal Reserve Banks, also known as the "Brown Book".

The report shows that from early September to mid-October, many Federal Reserve Zones have accelerated the growth of investment costs due to increased import costs and increased service costs such as insurance, healthcare and technical solutions.

Many Federal Reserve District reports predict that increased economic uncertainty will drag down economic activity. A report from the Federal Reserve District clearly pointed out that the long-term "shutdown" of the government will bring downside risks to economic growth.

In terms of the labor market, the "Beige Book" shows that labor demand in all regions and industries is generally sluggish. Most Federal Reserve districts report that more employers are reducing their workforce through layoffs and attrition due to weak demand, rising economic uncertainty and increased investment in artificial intelligence technology. At the same time, due to recent changes in immigration policies, labor supply in the hotel industry, agriculture, construction and manufacturing industries in many places has experienced tight labor supply.

The Federal Reserve publishes eight "Brown Books" each year to examine the economic situation across the United States through the Federal Reserve Bank, which is an important reference to the Federal Reserve Monetary Policy Conference.

The tariff tracking tool jointly developed by the World Trade Organization and the International Monetary Fund shows that as of September 16, the trade-weighted average tariff rate of the United States on all products in the world was 17.9%, significantly higher than the 2.44% at the beginning of the year.