Fed's Beige Book: A number of Fed districts said higher tariffs were a factor in cost increases

"Many districts reported contacts had become less optimistic due to increased financial market volatility, rising short-term interest rates, falling energy prices and elevated trade and political uncertainty," the Board of Governors of the Federal Reserve said in its latest Beige Book.

Key takeaways from the press release (via Reuters)

• Economic activity expanded in most of the United States, with eight of 12 Fed districts reporting modest-to-moderate growth.
• All Fed districts noted that labor markets were tight and firms were struggling to find workers at any skill level.
• Wages grew throughout the country, with majority of Fed districts reporting moderate gains.
• Majority of districts reported modest-to-moderate increases in prices
• A number of Fed districts said higher tariffs were also a factor in cost increases.
• Chicago Fed reported that partial shutdown of U.S. Government had slowed release of agricultural reports, leading to greater uncertainty for farmers and others.