Fed Beige Book is published by the US Federal Reserve Board. It is a report on current economic conditions in 12 regions of the country prepared by 12 regional federal reserve banks. It is published 8 times a year before a FOMC meeting.
The Beige Book provides a description of regional economic conditions and prospects based on a variety of information collected directly from local sources. Such information allows viewing the dynamics and spotting emerging economic trends which cannot be determined from popular common indices.
The information is collected from a wide range of business and public sources using various formal and informal methods. Each Federal Reserve Bank gathers actual information on current economic conditions in its district: reports from bank managers and branches, telephone, online and personal interviews with business representatives, economists, market experts, etc.
The 'anecdotal' information provided in the Beige Book complements official data used by economists and the Fed. This information allows comparing economic conditions in different regions, which can be useful for evaluation prospects for the national economy. Also, the Beige Book helps the Fed to constantly monitor the sentiments of business circles and public organizations. FOMC takes into account the information contained in the Beige Book when making short-term interest rate decisions.