From the ForexLive Dictionary:
- The Beige Book is a report published by the Federal Reserve eight times a year that provides an overview of economic conditions in each of the 12 districts monitored by the Federal Reserve.
- The report is prepared using information from the Fed’s business contacts, economists, and other experts, and covers a wide range of topics including employment, wages, prices, and consumer spending.
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The Fed uses the Beige Book to help inform its monetary policy decisions, and it is closely watched by economists, investors, and businesses.
- This report is unique in that it provides a regional perspective on the economy, not just a national one. It is called “Beige” because of the color of its cover.
- The report is released two weeks before the Federal Open Market Committee (FOMC) meeting, and is widely used by market participants as a source of information to anticipate the Fed’s monetary policy.
The latest was released on Wednesday, US time:
You can check out this link for the summary, but when the report finds that growth is rising at a “slight to modest pace,” with five of the 12 Fed districts seeing “flat or declining activity,” that’s a sign that a rate cut isn’t too far off.
However, there may be an obstacle to overcome:
If I were Powell, I would have fired him in July, on the strength of a middle finger, but that may just be my opinion. Worse, the new guy would have fired him and bragged about a seven-figure contract at an investment bank.