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The Beige Book December 2021 Summary . Under the leadership of Jerome Powell, the Fed reported on information received from NITED ST contacts outside the Federal Reserve System. . The report indicates increased economic activity in most Federal Reserve Districts. Although significant demand was significant, supply chain disruptions and labor shortages constrained growth. . Overall, economic activity remained positive in most Districts despite the uncertainties regarding when the labor shortages and supply chain disruptions would cease (Board of Governors, 2021)