Fed Beige Book Report Says Inflation 'Substantial'

The transcript discusses the Fed's surprise at the CPI and its implications for economic policy. It highlights concerns about a modest economic expansion, potential recession risks, and labor market conditions. The discussion also covers inflation, price increases, and the Fed's potential aggressive actions to address these issues. The Fed's meeting on the 27th will focus on balancing recession fears and rising prices.

What impact do rising prices have on consumer behavior according to the report?

What potential actions might the Fed take in response to the economic conditions discussed?