On Wednesday (September 4th) local time, the Federal Reserve released the "Beige Book" of economic conditions, which showed that in recent weeks, more regions in the United States have entered the column of "flat or declining" economic activity. The Federal Reserve releases the "Beige Book" eight times a year, summarizing the results of 12 regional reserve banks' assessments of the economic situation in the United States. This report is an important reference material for the Federal Reserve's monetary policy meeting. In terms of economic activity, only 3 out of 12 regions showed slight growth, while 9 regions reported either flat or declining activity. Compared to that, in the July brown book, there were only 5 regions where economic activity remained stable or declined.