On June 4, 2026, the Federal Reserve released the latest edition of the National Economic Situation Survey, commonly known as the Beige Book, which continuously released signals of gradual cooling in the US economy. The report summarizes the economic operation status of all 12 Federal Reserve districts, reflecting the overall weakening trend of US economic vitality. According to the survey data, the revenue growth of enterprises in all regions of the United States has slowed down significantly. The expansion momentum of resident consumption, which is the core pillar of US economic growth, has weakened, with discretionary consumption demand such as retail and entertainment declining marginally. The manufacturing industry recorded a slight contraction in activity, and the previously tight job market has cooled obviously, with slower recruitment pace and moderate wage growth. Notably, service industry inflation still maintains strong stickiness, forming a typical economic pattern of weak growth and sticky inflation. This complex economic situation brings greater challenges to the Federal Reserve’s monetary policy adjustment. Market participants pointed out that the latest Beige Book data fully supports the Fed’s wait-and-see monetary strategy of suspending interest rate hikes and delaying rate cuts. The central bank will maintain high interest rates for a longer period to curb inflation while avoiding excessive policy tightening to trigger economic recession. Affected by the report, the US dollar index maintained high and volatile operation, and the US stock market continued structural differentiation. Defensive sectors performed steadily, while growth tech sectors faced periodic profit-taking pressure in the short term.