The Federal Reserve’s Beige book, published eight times a year, is one of the first pieces of data encompassing the new Trump administration’s policies from mid-January. This has been a period of high economic uncertainty over tariffs and government contracts.

Economic activity rose “slightly” since mid-January but businesses across the country reported uncertainty surrounding new policies from the Trump administration, particularly on tariffs, the Federal Reserve said in its Beige Book survey of regional business contacts.

Eight of the 12 Federal Reserve districts reported flat or slightly negative growth in February, according to the central bank’s survey of regional economies known as the Beige Book, released Wednesday.