This book is produced roughly two weeks before the monetary policy meetings of the Federal Open Market Committee. On each occasion, a different Fed district bank compiles anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts. Why Investors Care
Highlights
The Beige Book prepared by regional Fed banks for the upcoming May 9 FOMC meeting, noted only "modest or moderate" economic activity in most Federal Reserve Districts. Districts for New York, Minneapolis, and Dallas reported growth that was stronger than in other districts. Retail sales were generally positive while real estate was mixed. Commercial real estate markets remained "active" while residential markets weakened. Most Districts reported tight labor market conditions-especially for skilled workers. Outside of skilled occupations, wage growth was modest. Consumer prices were seen as stable in most districts but prices were reported to be rising for inputs and energy.
The latest Beige Book shows little change from the past Beige Book other than weaker housing and a pickup in energy and other input prices. Today's report will not do much to move the Fed away from its anti-inflation bias. There seems to be no market moving information as there were no surprises and District reports fall in line with most views on the economy.
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