The Federal Reserve's Beige Book, released on Friday, indicated modest growth in U.S. economic activity over the past two months, with an overall positive but complex outlook. Data centers and defense orders supported manufacturing growth, and data center construction led to tight labor supply in some regions. Prices accelerated moderately, but consumer price sensitivity remained high, with several districts reporting pressure on household budgets. Federal Reserve Chairman Warsh warned that the central bank might need to act if inflation fails to make sustained progress toward its 2% target.