Definition
The 12 regional banks of the Federal Reserve System, from Boston to San Francisco, each covering a district of the country.
The story
They supervise banks in their districts, run payment services and gather local economic information, which feeds the Beige Book. Their presidents take part in every FOMC (Federal Open Market Committee) meeting, but only some vote in a given year.
Why markets watch it
Regional Fed presidents are frequent speakers, and their views are tracked for hints about rates.
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