Emily Kerr, an economist with the Federal Reserve Bank of Dallas, said the Beige Book — which these days is more of a Manila-decorated PDF — is actually vibrant.

Policymakers kept interest rates are their target range of 4.25% to 4.5%, as expected. However, they see higher inflation and lower economic growth.

The Beige Book compiles anecdotal evidence across the Fed’s 12 bank districts. Central bank officials will use this information in two weeks when they meet for their policy meeting.

U.S. economic growth and business activity remains soft heading into 2023, according to the latest Federal Reserve Beige Book report on Wednesday.

In its periodic "Beige Book" summary of conditions, the central bank noted that "economic activity has declined slightly since the previous report" released April 23.