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    Analysis

    October 16, 2026

    Fed Beige Book finds stronger steel, machinery demand but rising cost pressure

    Written by Laura Miller

    Manufacturing activity improved in several Federal Reserve districts, but conditions remained mixed nationwide, according to the Fed’s Oct 14 Beige Book report. Demand was strongest in steel, machinery, defense-related products, and data center infrastructure.

    Steel producers in the Cleveland District reported firm spot market demand. Data center, power-generation, defense, and aerospace projects supported orders. Long mill lead times kept customer inventories lean and prices high. Producers also reported higher orders from truck-trailer and light-vehicle manufacturers. International demand for hydrogen vehicle parts increased.

    Laura Miller

    Laura Miller is a reporter and editor for Steel Market Update. She has held various editorial positions with steel industry publications, associations, and mills since 2007. She joined the SMU team in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania.

    Read more from Laura Miller

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