The Federal Reserve’s summary of current economic conditions published eight times a year is the Beige Book.
Its formal title is the “Summary of Commentary on Current Economic Conditions by Federal Reserve District.” Each of the 12 regional Federal Reserve Banks gathers mainly qualitative information from business contacts, economists, community organizations, and other sources. The reports describe conditions in areas such as employment, consumer spending, manufacturing, prices, banking, real estate, and agriculture.
The Beige Book is not the same as a forecast, an interest-rate decision, or a statistical data release. It records what the Fed is hearing from its districts and contacts, helping officials and the public see regional differences that may not yet appear in national data. A designated Reserve Bank prepares the overall summary on a rotating basis.
The nickname is a common source of confusion: it refers to the report’s beige-colored cover, not to a technical classification. It is also sometimes mistaken for the Federal Reserve’s policy statements or the “Blue Book,” a former Fed publication associated with monetary-policy analysis.