The Federal Reserve's latest Beige Book indicates that US economic activity has remained largely stable, with some districts reporting slight softening. While high-end retail spending remains resilient, overall consumer spending is declining, employment has edged down, and businesses are citing increased cost pressures from tariffs. Simultaneously, the US Treasury reported a record October deficit of $284.4 billion, the worst opening month to a fiscal year in history. This surge is driven by an 18% year-over-year increase in government spending, raising concerns about fiscal sustainability. These macroeconomic indicators present a mixed backdrop for financial markets. The combination of economic stagnation, potential tariff-induced inflation, and record government borrowing could complicate future monetary policy decisions.