The Beige Book: Wall Street’s Most Underrated Leading Indicator
“When Fed officials stop talking and start listening, this is the report they read.”
“When you're still staring at backward-looking data, the future is already being whispered in interview transcripts.”
In July 2025, the Federal Reserve released its latest Beige Book—a qualitative survey of business sentiment across 12 districts. It’s not a chart-filled report. It's not a spreadsheet. It's something far more valuable:
A real-time narrative
