The Federal Reserve beige Book is out at 1800 GMT on Wednesday 18 October 2017

More formally known as the Summary of Commentary on Current Economic Conditions by Federal Reserve District

  • Its published eight times per year
  • Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis.

Nomura on what to expect:

  • In the Beige Book prepared for the September FOMC meeting, the Federal Reserve noted that economic activity expanded at a "modest to moderate pace" across the 12 reserve districts in July and August.
  • Most of the information for the September Beige Book was collected before Hurricane Harvey's landfall.
  • In preparation for the October FOMC meeting, we expect the Beige Book to point to sustained economic activity albeit with some transitory disruptions due to the recent hurricanes. In particular, activity in the 11th district (Dallas) and sixth district (Atlanta) will likely provide more anecdotal evidence on the impact from Hurricanes Harvey and Irma, respectively.
  • As the Beige Book is based largely on anecdotal evidence from business leaders and market participants, the report for October's meeting could provide additional information from local businesses in the affected areas on how long the recovery is expected to last.
  • Elsewhere, anecdotal information on the housing market, currently experiencing a supply shortage, and local price pressures will be worth noting.