Beige Book. Qualitative read on pricing power and hiring two weeks before the meeting.
What to watch: Anecdotal regional conditions. It arrives 8 a year, and the effect typically lasts days.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Also in Monetary policy (Federal Reserve)
- FOMC rate decision
- Forward guidance and the dot plot
- Fed chair press conference and testimony
- Balance sheet policy (QE / QT)
- Fed leadership and independence
- FOMC minutes
- Fed governor and regional president speeches
- Fed funds futures pricing
- The neutral rate (r*) debate
- Fed policy framework and dissent count
- Fed chair transition and reaction function