In this episode, we dissect the latest Beige Book, which paints an increasingly uneven portrait of the American economy. Reports from the Federal Reserve’s districts point to softening retail demand, particularly among lower- and middle-income households, and to mounting strains in sectors such as agriculture, energy and transportation. We also examine the slide in the shares of business development companies—a bellwether for credit conditions in the lower reaches of corporate America—and the mounting allegations of fraud surrounding Zions Bank and Western Alliance. Together, these developments suggest that financial stress is spreading beyond the obvious fault lines.