Beige Book | May 2024

Inflation was hotter than expected last month and remains well above the Federal Reserve’s 2% target, according to government data released Friday, as eagerly awaited interest rate cuts seem to be increasingly less likely in the future.

JPMorgan Chase CEO Jamie Dimon warned of the potential for interest rates to climb as high as 8% as the effects of the unprecedented monetary policy to combat inflation take hold.

President Joe Biden’s budget proposal — which calls for sweeping tax increases on corporations and the wealthy — is the opening round of a looming tax fight set to consume Washington next year.

Unemployment rate spikes to 2-year high - The labor market showed some rare signs of weakness in February, as the unemployment rate unexpectedly rose to its highest level since 2022.