Beige Book Survey of Current Economic Conditions by the FED

The Beige Book is published two weeks before the FOMC [federal open market committee] eight times a year.  Instead of focusing on statistics the 12 regional reports and 1 national are more like a conversation with each member about the economy.  This report is mainly used by investors to dig for underlying inflation concerns that may discourage or encourage rate cuts at the FOMC meeting.  The impact on the mortgage market is MODEST from this report.