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The Beige Book is a "Summary of Commentary on Current Economic Conditions by Federal Reserve District," as its formal title states. Besides geographic region, the Beige Book discusses the economy by industry sector. The Beige Book is based on reports from Federal Reserve Bank and Branch directors, as well as interviews with economists, business executives, and other knowledgeable observers. Thus the evidence in the Beige Book is anecdotal, not statistical. The Beige Book is released two Wednesdays before each meeting of the Federal Open Market Committee (FOMC), which convenes eight times a year. The Beige Book may (or may not) provide clues about FOMC members' thinking on the economy and the direction in which they will take interest rates. The Beige Book was known as the Red Book when first published in 1970 for the exclusive use of policymakers. In 1983 the Red Book became public, and to mark the change it was renamed the Beige Book. |
