A barrage of Fed speakers coming up on Wednesday. The times listed below are in GMT / US Eastern time format:
1600 /1200 Federal Reserve Board Governor Christopher Waller participates in a discussion on the economic outlook before the Distinguished Speaker Seminar (European Economic and Financial Centre), in London
1630 / 1230 Federal Reserve Bank of New York President John Williams participates in moderated discussion at Queens College
1700 / 1300 Federal Reserve Board Governor Michelle Bowman gives opening remarks before a Fed Listens event hosted by the Federal Reserve Bank of Richmond, in Richmond, Va
1700 / 1300 Federal Reserve Bank of Richmond President Thomas Barkin speaks at a ‘Fed Listens’ event
1800 / 1400 Federal Reserve Beige Book released
1915 / 1515 Federal Reserve Bank of Philadelphia President Patrick Harker speaks on Workforce Challenges
2255 / 1855 Federal Reserve Board Governor Lisa Cook is speaking on the Federal Reserve’s mandate (the Fed has a dual mandate of promoting price stability and maximum sustainable employment)
The Federal Reserve Beige Book:
- released eight times a year
- provides anecdotal information and economic analysis of current economic conditions in each of the twelve Federal Reserve Districts
The Beige Book is typically published about two weeks before each meeting of the Federal Open Market Committee (FOMC).
-
Purpose: The primary purpose of the Beige Book is to offer policymakers at the Federal Reserve insight into the current state of the economy. It provides information that is not necessarily reflected in the more traditional economic indicators, such as GDP growth, unemployment rates, or inflation data.
-
Data Sources: The information contained in the Beige Book is gathered from a wide range of sources, including interviews with business leaders, economists, market experts, and other knowledgeable individuals in each of the twelve Federal Reserve Districts. This qualitative information helps to complement the quantitative economic data collected by the Federal Reserve.
-
Structure: The Beige Book is organized into sections, each covering one of the twelve Federal Reserve Districts. Each section contains a summary of economic conditions in that district, including information on sectors such as manufacturing, real estate, agriculture, and services.
-
Content: The report typically includes information on employment and labor market conditions, wage trends, consumer spending, business investment, and inflation pressures. It also highlights any notable trends or developments in each district.
-
Use by the Federal Reserve: The information in the Beige Book helps Federal Reserve policymakers make informed decisions about monetary policy, including whether to raise or lower interest rates, in order to achieve the Federal Reserve’s dual mandate of promoting price stability and maximum sustainable employment.
This article was written by Eamonn Sheridan at www.forexlive.com. Source