Ahead of the Bell: Beige Book

The central bank's Beige Book report, so named for the color of the report's cover, is published eight times a year. The survey, based on anecdotal information regarding business activity gathered by the Fed's 12 regional district banks, is released at 2 p.m. EDT.

Wall Street sank for a second straight session Tuesday as oil prices set a new record above $88 a barrel and Fed Chairman Ben Bernanke said housing woes will remain a "significant drag" on the economy into next year. Treasury Secretary Henry Paulson followed with a somber assessment, saying in a speech that the unfolding housing crisis poses economic risk. The Dow Jones industrial average tumbled 71.86, or 0.51 percent, to 13,912.94.

The last Beige Book, released in early September, said the crisis in credit markets that erupted in August is taking its worst toll on the already ailing housing market, while its impact on the rest of the economy so far seems limited. The survey said most banks reported that the recent turmoil in financial markets led to more restrictive lending standards for people seeking home mortgages.

Information in the Beige Book comes from interviews with business executives, economists, financial experts and other sources. The reports summarize the district banks' findings on changes in retail sales, consumer spending, manufacturing, wages and prices.

The reports are issued about two weeks before each scheduled Federal Reserve policy-making meeting.

Many analysts believe that the Fed, which cut a key interest rate for the first time in four years at its September meeting, will follow up with further rate cuts to ensure the economic troubles don't push the country into a recession. The Fed's next meeting is Oct. 30-31.