Calm on the Surface, Chaos in the Minds of CEOs Despite what the mainstream headlines are peddling—“steady employment,” “resilient sales,” “GDP holding firm”—there’s a silent contraction happening beneath the surface. The Federal Reserve’s April Beige Book, that eight-times-a-year pulse-check from the bankers who think they run the world, tells a story the CPI and payroll reports won’t admit: America’s business leaders are frozen. Not because things are bad now, but because they believe they’re about to get a lot worse. Hiring is stalling. Capital investment is drying up. Strategy sessions have pivoted from growth to damage control. And behind it all is the word uncertainty—mentioned 80 times in this report, up from 45 last month, 11 a year ago, and…
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