Beige Book
The Federal Reserve's qualitative summary of economic conditions in each of the twelve districts, published before each FOMC meeting.
Formally the Summary of Commentary on Current Economic Conditions, the Beige Book is compiled roughly two weeks before each Federal Open Market Committee meeting. Each of the twelve Reserve Banks gathers anecdotal reports from business contacts, economists, and market participants in its district, and the results are published as district summaries with a national overview.
Its value is that it is qualitative and current. Official statistics arrive with a lag and are revised; the Beige Book captures what firms say is happening now about hiring, prices, wages, and demand. Its characteristic vocabulary of modest, moderate, and slight growth is more precise than it appears, and shifts in that language between editions are read carefully.
It should not be mistaken for the Committee's own view. It is input to the discussion rather than a forecast or a policy signal, and it carries no votes and no projections. Its usefulness is as a description of conditions in the weeks before a decision on the federal funds rate.
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