Each of the twelve Banks is staffed with economists who monitor the economic conditions in their respective Districts. A summary of the regional analysis is compiled in what we call the Beige Book (because it has a beige cover) and released to the public about two weeks before the FOMC meeting.
Today we are in Florida, which is part of the Atlanta Fed's District, so let me speculate on how developments in this area's economy may enter our deliberations. Jack Guynn, president of the Atlanta Fed, comes to the meeting prepared to discuss the outlook for the entire Sixth Federal Reserve District.