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The Federal Reserve Bank publishes a report called the Beige Book eight times a year that summarizes the current economic conditions in each of the 12 bank districts.

1. Report the recent conditions of consumer spending, labor markets, wages and prices, and industrial activity.

2. What is the most recent monetary policy action taken by the FOMC?

3. Based on your answer to 1 and 2, what monetary policy action do you recommend the FOMC take at its next meeting?