I noticed something interesting in the latest Fed report. While the U.S. economy continues to grow at a moderate pace, what really stands out is the persistence of inflation everywhere. The 12 districts of the Federal Reserve all report price increases, showing that this issue hasn't really been resolved.

The report, based on data collected before the end of February, reveals that eight districts are experiencing moderate inflation, while four are seeing lighter increases. But don’t be fooled—sectors like insurance, energy, and raw materials continue to push prices upward. This is a systemic problem, not just a temporary fluctuation.

What also interests me is the caution among businesses. The economic fundamentals are stable, okay, but households are still hesitant to spend on big purchases. Employment remains steady, but without real momentum. There’s a kind of underlying stagnation despite the displayed growth.

The most important thing? The report doesn’t account for changes in tariff policies or recent geopolitical developments. So, we’re looking at a snapshot of an economy in transition, with inflation as a persistent shadow. Something to watch closely.