U.S. economic activity has declined and higher tariff rates have put upward pressure on costs and prices in the weeks since Federal Reserve policymakers last met to set interest rates, the U.S. central bank said on Wednesday in its latest snapshot of the nation's economy.

Economic activity declined slightly in the US in recent weeks, indicating tariffs and elevated uncertainty are rippling across the economy, the Federal Reserve said in its Beige Book survey of regional business contacts.

Key Takeaways Business and community leaders throughout the country are having trouble planning for the future amid uncertainty about U.S. trade policy, a Fed report said Wednesday.The Beige Book compiled observations from the Fed's contacts in business who said they're paralyzed by lack of clarity about tariffs.