MINNEAPOLIS — The Federal Reserve released its Beige Book report on Wednesday, which summarizes the economic conditions several times a year across several regions, including Minneapolis.

Its summary points to falling employment, increasing prices, flat manufacturing and weakening agricultural conditions -- all of which are concerning longtime University of Minnesota economics professor Timothy Kehoe.

"It's not great and there are very few options," said Kehoe.

Kehoe is also a consultant for the Federal Reserve Bank of Minneapolis, noting his views may not be the same. He's also careful to say that the risk of a recession is still low -- likening today's trends, instead, to that of the 1970s oil crisis.

"By the end of the '70s, beginning of the '80s, we had inflation over 10% and we ha

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