Bond yields jumped today after the Fed's Beige Book noted steel stockpiling and tariff-related price hikes.

The Fed's "Beige Book" is a compilation of economic activity by each of twelve Federal Reserve districts.

The title sounds impressive but it is little more than a summation of the anecdotes from the latest Fed regional reports (Think Philly Fed, Empire State, etc.).

Let's dive into a recap.

Overall Economic Activity

Economic activity continued to expand at a modest to moderate pace across the 12 Federal Reserve Districts in March and early April. Outlooks remained positive, but contacts in various sectors including manufacturing, agriculture, and transportation expressed concern about the newly imposed and/or proposed tariffs.

Consumer spending rose in most regions, with gains noted for nonauto retail sales and tourism, but mixed results for vehicle sales. Manufacturing activity grew moderately, and demand for nonfinancial services was mostly solid.

Residential construction and real estate activity expanded further, although low home inventories continued to constrain sales in several Districts. Loan demand increased, and commercial real estate activity and construction improved since the last report.