Prior to an FOMC meeting the Federal Reserve’s staff compiles the ‘Beige Book’ for FOMC members. Each of the 12 Federal Reserve districts contacts businesses within their district for an assessment of the economy and gathers economic data pertinent to that district. That information is sent to the Federal Reserve where a summary of the key points is assembled for each district, which is included in the Beige Book. Each FOMC member can then review what’s happening in all 12 districts and get a better sense of the economy from the ground up. The Beige Book was published on July 17 in...
