Fed survey cites rising concerns about trade tariffs

WASHINGTON – The Federal Reserve says that the U.S. economy was growing in the fall, but there were concerns about higher tariffs from a widening trade war, rising interest rates and tight labour markets.

In its latest report on economic conditions around the country, the Fed says most of its 12 regions saw moderate growth through late November. Dallas and Philadelphia says growth had slowed, while St. Louis and Kansas City depicted growth as slight.

The report, known as the beige book, found that optimism about the future had waned somewhat. Business contacts cited “increased uncertainty,” stemming from factors including retaliatory tariffs levied on U.S. exports, rising interest rates spurred by the Fed’s credit tightening and labour market constraints.