Beige Book: What Is It and Why Does It Matter?

The Fed Beige Book is a report outlining U.S. economic conditions that is published eight times a year by the Federal Reserve. It provides insights into regional economic conditions for the 12 Federal Reserve districts and serves as a key resource for the Federal Open Market Committee (FOMC), which sets U.S. monetary policy.

What is the Fed’s Beige Book?

The Beige Book, also called the Summary of Commentary on Current Economic Conditions, is a qualitative report – research focused on nonnumerical data. It provides the Federal Reserve an overview of economic activity in each Federal Reserve district.  

The 12 districts covered in the Beige Book are:

• Boston
• New York
• Philadelphia
• Cleveland
• Richmond, Virginia
• Atlanta
• Chicago
• St. Louis
• Minneapolis 
• Kansas City, Missouri
• Dallas
• San Francisco

Each Federal Reserve bank collects economic information about its district through reports from bank directors and interviews with economists, business leaders, market experts and community organizations. This information, which includes trends with consumer spending, employment rates and area real estate sales, as well as business activity, banking and agriculture, is compiled for publication in the Beige Book.

Although the FOMC uses the Beige Book to inform its decision-making, the book doesn’t represent the official opinion of the FOMC. The Beige Book is also available to the public and can be found on the Federal Reserve’s website.

Structure of the Beige Book

The Beige Book has three main sections, including:

• National summary: an overview of U.S. economic activity, including employment conditions, wages and prices.
• District highlights: a summary of economic activity in the 12 Federal Reserve districts.
• District details: an in-depth look at the economic conditions in each of the districts.

How often does the Fed Beige Book come out?

The Beige Book comes out eight times a year — usually two weeks before the FOMC’s scheduled meetings, at which interest rate policy is set.

Here is the Beige Book release schedule for 2025:

Jan. 15
March 5
April 23
June 4
July 16
Sept. 3
Oct. 15
Nov. 26

Why is it called the Beige Book?

The Beige Book got its nickname from the color of the report, but its official name is the Summary of Commentary on Current Economic Conditions.

What does the Beige Book have to do with the economy?

The FOMC uses findings from the Beige Book to make decisions about the economy, including changes to the federal funds rate, which can affect everything from borrowing costs to how much you earn in your savings account. 

FOMC members receive the latest Beige Book about two weeks before each of their eight annual meetings, providing them with recent economic insights around the country.

While the Beige Book’s anecdotal and interview-based collection methods have limitations, the material is intended as a supplement to help guide the FOMC’s decisions. The Fed and the FOMC also have access to more robust information, but it might not be as recent as the information in the Beige Book.

Learn more about how Fed rate cuts can affect you.

Does the Beige Book move markets?

The Beige Book doesn’t directly move financial markets, such as stocks and bonds. However, it can indirectly affect them by influencing overall market sentiment. For example, if the Beige Book shows rising inflationary pressure, investors may anticipate that the Federal Reserve will increase the federal funds rate at the next FOMC meeting. 

Interest rate changes can affect business growth, the cost of borrowing and other aspects of the economy.

Beige Book vs. Tealbook

The Beige Book and the Tealbook are publications the FOMC considers in making decisions about monetary policy. Like the Beige Book, the Tealbook is distributed to FOMC members before each scheduled meeting. The main difference between the two is that the Beige Book is available to the public, while the Tealbook is confidential until five years after publication. 

The Tealbook includes information about economic conditions and projections and is created by staff at the Board of Governors. The Tealbook has two parts:

• Tealbook A: includes analysis and forecasts about the U.S. and international economies. Its official name is Economic and Financial Conditions: Current Situation and Outlook.
• Tealbook B: provides background and context about monetary policy alternatives. Its official name is Monetary Policy: Strategies and Alternatives.