The U.S. central bank said in December further rate hikes would be contingent in part on inflation making tangible progress towards its 2-percent target rate.
Contacts in Cleveland, Boston and Chicago reported caution among consumers to spend in part due to market volatility and the latter two districts expressed "disappointment" consumers were not spending more of their windfall from lower gas prices.
The Chicago Fed also noted "concerns about slower global economic growth had led to declines in equity markets, wider spreads for asset-backed securities, and an increase in financial market uncertainty." The Dallas Fed said market and monetary policy uncertainty "had created concerns about 2016 growth prospects."
Credit standards remained the same for most districts, the Fed said. The Philadelphia Fed noted some tightening of standards, especially for energy-related industries.
In a positive sign for the Fed, wages generally increased. The St. Louis Fed reported its strongest assessment of wage growth in two years, although some other districts saw easing wage pressures.
The Beige Book was compiled by the Kansas City Fed with information collected before Feb. 22, 2016.