WASHINGTON, D.C. – Outlooks on the US economy have become gloomier with reports of rising uncertainty and worries over risks, even though growth broadly continued recently, the Federal Reserve said on Wednesday.The views come as discretionary spending cooled and consumers became more sensitive to costs in recent weeks, while job gains were largely modest to negligible, the US central bank said in its 'Beige Book' survey of economic conditions.
All eyes are on indications that the Fed could start cutting rates —and a cooler economy could spur such optimism.'Holding up well''Ten of the twelve Federal Reserve districts reported an increase in economic activity in the latest Beige Book, the same as in April,' said Michael Pearce, deputy chief US economist of Oxford Economics.He noted that anecdotal evidence in the report suggests that expansion is 'still being driven by a resilient consumer.