Definition
A Fed report, published eight times a year, describing business conditions in each of its 12 districts.
The story
Instead of numbers, it's stories: what bankers, factory owners, store managers and builders are telling their local Fed bank. It comes out about two weeks before each Fed meeting, like field notes before a big decision.
Why markets watch it
It gives color on the economy that data can miss.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms