Why Investors Care Beige Book Definition A compilation of economic conditions from each of the 12 Federal Reserve regional districts.
Data are anecdotal and qualitative, rather than quantitative, in nature.
This book is produced before the monetary policy meetings of the Federal Open Market Committee. This report on economic conditions is used at FOMC meetings, where the Fed sets interest rate policy. These meetings occur roughly every six weeks and are the single most influential event for the markets. Market participants speculate for weeks in advance about the possibility of an interest rate change that could be announced upon the end of these meetings. If the outcome is different from expectations, the impact on the markets can be dramatic and far-reaching.