美联储的褐皮书警告称，由于关税影响加深，物价可能面临上涨压力。尽管消费者价格的上涨幅度目前低于预期，但这种状况可能难以持久。企业报告成本普遍上升，部分企业为应对关税而牺牲利润空间。褐皮书特别强调了关税对经济的影响，提及次数达75次。尽管一些企业将成本转嫁给消费者，但也有企业因消费者对价格敏感而选择维持价格，这导致利润受到影响。预计未来几个月成本压力将持续存在，消费者价格可能在夏末开始加速上涨。

📈 美联储褐皮书频繁提及关税问题，总共提及75次，并警告称关税加剧可能导致物价上涨。

🏭 企业普遍报告成本上升，部分企业因关税而牺牲利润。许多制造商表示，供应商提高了价格，尤其是在制造和建筑业中使用的原材料。

💰 虽然一些企业已通过提价将成本转嫁给消费者，但另一些企业则因消费者对价格敏感而选择维持价格，从而影响了利润率。例如，一家制造商提高了价格以抵消钢铁和铝的关税成本，而一家包装公司则因与大型制造商的竞争而承担至少10%的附加费。

⏳ 褐皮书认为，由于关税的影响持续存在，价格可能不会长期保持在低位。预计未来几个月成本压力将持续存在，消费者价格可能在夏末开始加速上涨。

📊 尽管如此，消费者物价指数显示，关税实施后，物价并未出现大幅上涨。6月份价格上涨0.3%，12个月通货膨胀率为2.7%，这与分析师的预期基本一致，但仍高于美联储2%的目标。

Consumer prices have not risen as much as expected, but this may change soon.The Federal Reserve's Beige Book warns of price hikes as tariffs become entrenched.Businesses are reporting rising costs overall, with some sacrificing profit margins for tariffs.

Prices have not gone up as much as expected for consumers, but this might not last for long.

The latest Federal Reserve Board Beige Book, a publication that provides general information about the current state of the economy, mentioned tariffs 75 times and warns of price hikes as tariffs become more entrenched.

Across all 12 Federal Reserve districts, businesses told the Federal Reserve that tariffs have increased their costs either modestly or pronouncedly. Many manufacturers reported being surcharged by their suppliers, especially for raw materials used in manufacturing and construction.

While many businesses said they passed along costs to consumers through price hikes, others held off due to price-sensitive consumers, which affected their profit margins.

For instance, a manufacturing company in Memphis told the St. Louis Federal Reserve that it had raised prices significantly to offset the tariff cost on steel and aluminum, but a packaging company in the district is swallowing at least 10% in surcharge due to competition with larger manufacturers.

But the prices may not stay low for long as tariffs prolong.

"Contacts in a wide range of industries expected cost pressures to remain elevated in the coming months, increasing the likelihood that consumer prices will start to rise more rapidly by late summer," wrote the Federal Reserve System in the July Beige Book.

"It seems that prices have gone up out of fear that prices will go up," a construction materials supplier told the Federal Reserve.

The consumer price index, a broad-based measure of goods and services costs, shows that prices have not skyrocketed post-tariffs. In June, prices inched up by 0.3%, putting the 12-month inflation rate at 2.7%. This is mostly in line with analyst expectations, though it's still above the Federal Reserve's goal of 2%.

The Trump administration recently sent tariff letters to nearly two dozen trading partners, threatening duties as high as 50% starting from August 1. None of the four existing trade agreements with the UK, China, Vietnam, and Indonesia has yielded tariffs below 10%, suggesting that the baseline tariff imposed on April 2 may be here to stay.