From the ForexLive glossary:
The Beige Book is a report published by the Federal Reserve (Fed) eight times a year, that provides an overview of economic conditions in each of the Fed’s twelve districts. The report is compiled 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.
The Beige Book is used by the Fed to help inform its monetary policy decisions, and it is also closely watched by economists, investors, and businesses. The report is unique in that it provides a regional perspective on the economy, rather than just a national one. It’s called “beige” because of the color of its cover. The report is released two weeks before the Federal Open Market Committee (FOMC) meeting, and it’s widely used by market participants as a source of information to anticipate the Fed’s monetary policy.
The latest one dropped on Wednesday US time:
Beige Book: Economic activity maintained a slight to modest pace
Check out that link for the summary, though when the report finds growth as rising at a “slight to modest pace,” with five of the 12 Fed districts seeing“flat or declining activity” it’s a nod to the rate cut that is not too far off.
Although, there may be a hurdle to overcome:
Trump disagrees with a September Federal Reserve rate cut – wants rates higher for longerFinancial Times: Donald Trump warns US Fed chair not to cut rates before the election
If I was Powell I’d cut in July, on a middle-finger basis, but that’s probably just me. The worst that can happen is the new guy fires him and he saunters into a 7 figure contract at an investment bank.
This article was written by Eamonn Sheridan at www.forexlive.com.
