Beige Book
The Beige Book is a US Federal Reserve report, published eight times a year, that summarises current economic conditions in the 12 Federal Reserve districts.
Approx. 1 min read · Updated October 9, 2026
What is the Beige Book?
The Beige Book is a report by the US central bank, the Federal Reserve (Fed), that summarises economic conditions in each of the 12 Federal Reserve districts. Its official title is "Summary of Commentary on Current Economic Conditions by Federal Reserve District"; the popular name comes from the colour of its cover. The Fed publishes it eight times a year, about two weeks before each meeting of the Federal Open Market Committee (FOMC), which sets US interest rate policy.
How it is compiled
Each of the 12 regional Federal Reserve Banks gathers information on its district – from reports by its directors and from interviews with business contacts, economists, market experts and other sources. The Beige Book summarises these findings by district and sector, covering areas such as consumer spending, manufacturing, real estate, the labour market, wages and prices.
Unlike gross domestic product or inflation figures, the Beige Book contains no headline number. It is qualitative: a typical finding might be that activity grew slightly in most districts while price increases eased. Its value lies in how current it is – it can reveal turning points before they show up in official statistics.
Why it matters for traders
Because the Beige Book is part of the information available to policymakers ahead of each FOMC meeting, traders read it for clues about the Fed's next steps. Reports of rising wage or price pressure can strengthen expectations of higher interest rates, while signs of weakening demand point the other way. Its market impact is usually smaller than that of hard data or the FOMC decision itself, but a clear change in tone can move the US dollar, Treasury yields and US stock index CFDs.
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More terms.
- FOMC (Federal Open Market Committee)The FOMC (Federal Open Market Committee) is the monetary policy committee of the US Federal Reserve. It sets the target range for the federal funds rate.
- Central banksA central bank conducts the monetary policy of a country or currency area. Its decisions on interest rates and the money supply – above all those of the ECB and the Fed – move financial markets.
- Gross Domestic Product (GDP)Gross domestic product (GDP) is the market value of all final goods and services produced within a country in a given period – the most widely used measure of economic output.
- InflationInflation is a general and sustained rise in the price level of goods and services, which means that money steadily loses purchasing power.