Last month, we summarized the April Beige Book by saying that a month after the March inflationary panic, the one thing, perhaps the only thing, that was fascinating companies was the threat of trade wars. In fact, we said that the "quick and dirty summary" for the April Beige Book, when economic activity continued to expand "at a modest to moderate pace across the 12 Federal Reserve Districts", would, in a word literally, be "tariffs"and here's why:
To Avoid Raising Wages, Firms Are Now Hiring Felons And Drug Addicts: Beige Book
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