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The sources that informed the Fed’s March 3 and March 15 decision are many of the same that staff the Beige Book Surveys, as FXStreet’s Joseph Trevisani notes.

Key quotes

“It is assumed that all 12 Federal Reserve districts will report declining economic activity and large employment losses. The judgment will add color to the economic picture which is still largely extrapolating from March figures for the complete impact in April.” 

“This Beige Book is in the unusual position of elucidating the past rather than the future.  It covers the economic situation that provided the rationale for the two emergency March decisions, which were justified in part by what it was hearing from its Beige Book sources and those anecdotes should fill this issue.”

“The Beige Book is never an event for the currency markets, its information does not lend itself to specific policy interpretations or trading decisions. But as economic and human drama it will be interesting to know some of what the governors were hearing from their sources unfiltered by the American media.”