Beige Book

The Beige Book is the Federal Reserve's summary of current economic conditions, compiled from anecdotal reports that each of the twelve Reserve Banks gathers from business contacts, economists and market participants in its district. It is published eight times a year, roughly two weeks before each scheduled FOMC meeting, and is organised district by district and sector by sector rather than around a single headline number. It moves markets less than a data release because there is no figure to beat or miss, but it is read closely for tone: the language on labour availability, wage pressure, pricing power and consumer demand previews the conditions committee members will be describing to each other. Traders generally use it as context for positioning into the meeting rather than as a trade in its own right, and read it alongside the FOMC minutes, which look backwards at the previous meeting while the Beige Book covers the weeks since.