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总结
据美联储最新一期“褐皮书”（对全国12个辖区的调研汇总），美国多地企业反映因关税上升带来的成本压力正在加速向终端价格传导，部分商品与服务开始上调售价。报告同时显示，美国经济活动较此前略有改善，就业总体变化不大，但通胀与就业之间的张力仍在；消费端出现分化，高收入群体支出更强，而部分家庭为控制开支转向更便宜的食品与商品。相关迹象或加大通胀回落的不确定性，并影响市场对后续货币政策路径的判断。
正文
Businesses across the U.S. are beginning to pass tariff costs to consumers, Fed's 'beige book' finds MarketWatch Fed survey suggests slight upgrade to US economy Reuters Fed's Beige Book Shows Economy Picking Up, Employment Unchanged Bloomberg.com Beige Book confirms US tension between inflation and jobs persists Financial Times High-Income Consumers Are Living Larger, While Others Cut Protein to Make Ends Meet, New Fed Report Finds Investopedia
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