The Tealbook is a confidential report prepared by the staff of the Board of Governors of the Federal Reserve System prior to each meeting of the Federal Open Market Committee (FOMC).
This report serves as a key resource for FOMC members, offering comprehensive analyses, forecasts, and background information that support monetary policy decisions.
The Tealbook combines two previously separate documents, the Greenbook and the Bluebook, into a single report.
History
The Tealbook was introduced in June 2010 to streamline and consolidate the Federal Reserve’s pre-meeting documentation.
Before its introduction, the FOMC relied on two separate documents:
- Greenbook: Officially titled “Current Economic and Financial Conditions,” this document provided detailed analyses and forecasts of the U.S. and global economies.
- Bluebook: Officially titled “Monetary Policy Alternatives,” this document presented possible monetary policy options for consideration by the FOMC.
By merging these two documents into the Tealbook, the Federal Reserve aimed to provide a more cohesive and comprehensive overview of the economic landscape and policy considerations.
Structure
The Tealbook is divided into two parts, each serving a distinct purpose:
- Tealbook A: Economic and Financial Conditions This section provides an analysis of the current state of the U.S. and international economies, along with forecasts for key economic indicators such as GDP growth, inflation, and employment. It also includes assessments of financial market conditions and international economic developments.
- Tealbook B: Monetary Policy Strategies and Alternatives This section explores potential monetary policy options that the FOMC might consider. It outlines the implications of different policy actions and presents scenarios for their potential impact on economic outcomes.
Confidentiality and Public Release
The Tealbook is initially classified as confidential and is not available to the public during the FOMC’s deliberations. However, to promote transparency, the Federal Reserve releases Tealbook content with a five-year delay.
These historical documents provide valuable insights into the Federal Reserve’s decision-making process and economic projections during past periods.
The most recent publicly available Tealbook was released in 2018, covering FOMC meetings from 2013.
Importance in Monetary Policy
The Tealbook plays a crucial role in informing the FOMC’s discussions and decisions on monetary policy.
By offering a detailed perspective on economic conditions and policy options, the Tealbook ensures that FOMC members are equipped with the data and analyses needed to make informed decisions.
This document also reflects the rigorous analytical work conducted by the Federal Reserve staff to support the committee’s objectives of promoting maximum employment and stable prices.
Tealbook versus the Beige Book
While the Tealbook is a technical and data-driven document intended for internal use by the FOMC, the Federal Reserve also publishes the Beige Book, which is a publicly available report released two weeks before each FOMC meeting.
The Beige Book provides anecdotal information on economic conditions across the twelve Federal Reserve districts, offering a more qualitative perspective on the economy compared to the analytical focus of the Tealbook.
Access to Historical Tealbooks
Historical Tealbooks are made available through the Federal Reserve’s website and other archival sources such as the Federal Reserve Bank of Philadelphia.
These documents have become a valuable resource for economists, historians, and researchers studying the Federal Reserve’s monetary policy framework and responses to past economic challenges.