FED'S BEIGE said U.S. economic activity edged up in recent weeks and inflation rose while employment was broadly unchanged. The report said the six‑month business outlook for expected growth was little changed as heightened uncertainty and signs of weak consumer spending weighed on sentiment. Regional contacts identified energy‑price increases tied to the Middle East war as a key inflation driver, with spillovers to transport, packaging, groceries and fertilizer.

South Korean finance minister said he is concerned about rising leveraged investment in equities and will take action to counter any "herd behavior" in financial markets.

FED'S BEIGE says recent weeks' economic activity in most U.S. districts expanded at a slow-to-moderate pace and employment was little changed. Inflation readings in most Fed districts were higher than in the prior report, largely reflecting energy-price increases tied to the Middle East conflict, including the Iran war. Rising energy costs since the Iran war began have raised concern about persistent inflation, prompting more policymakers to say they need to keep all policy options open, including the possibility of tighter monetary policy. Many officials nonetheless described current policy-rate conditions as fairly favorable.