Deliver beige

The beige Book is a written report/ratio of the American Federal fund (American equivalent of the European Central bank). Answering in the name of " Summary of the comments of the current economic conditions of the Federal funds of District" (Summary off Commentary one Current Economic Conditions by Federal Reserve District), this talk is published eight times per annum. Each Federal fund collects qualitative information on the actual position of the economy in its district by questioning economists, experts of market and other professionals. All this information is then compiled in the beige Book and is classified by District and sector.

It takes all its importance during its publication, approximately two weeks before each meeting of the Monetary policy committee, or FOMC (Federal Open Market Committee).

Indeed, Ben Bernanke and the various members of the committee will base themselves on the state of the economy described in the beige Book to decide to assemble or reduce interest rates, in other words, to tighten or loosen the " robinet" monetarist. If the " Book" beige; draw up the portrait of an economy which overheats, with serious inflationary pressures for example, Fed" 'can be forced to raise its rates. Contrary, if this report/ratio depicts an economy revolving with the idle or entering in recession as one could see it these last months, the EDF will consider that it is perhaps necessary to reduce its rates to give a nudge in the right direction to the economy.

The goal of this memory being to inform the members of the committee of the evolution of the economy since their last meeting, it is also peeled by the financial analysts. The latter track the indices one by one being able to enable them to release from the conclusions as for the policy which the EDF will follow two weeks later. If the influence of such a publication is generally moderate, it can however make fluctuate the market if information that the beige Book contains constitutes real surprised in the analysts.

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