What is Beige Book?

Legal Definition
The Beige Book, more formally called the Summary of Commentary on Current Economic Conditions, is a report published by the United States Federal Reserve Board eight times a year. The report is published in advance of meetings of the Federal Open Market Committee. Each report is a gathering of "anecdotal information on current economic conditions" by each Federal Reserve Bank in its district from "Bank and Branch directors and interviews with key business contacts, economists, market experts, and others."

The Beige Book began its ascent to its status as an economic indicator in 1985 when former Dow Jones reporter Paul Cox requested to see the report. The request was granted forcing competing journalists to demand access to it the following month.

It is called the Beige Book because its cover is colored beige.
-- Wikipedia
Legal Definition
A report the Federal Reserve makes to show the economic conditions. 12 Federal Reserve Banks send the data on their own summaries. Its a big market indicator and changes monetary policy.