Unexpectedly Hawkish Beige Book Finds Economic Activity "Rose" In Most Districts As "Slowness" Tumbles Back in September, the otherwise sleepy and mostly boring report that is the Fed's Beige Book report (which nobody otherwise reads due to its sheer size and dismal signal-to-noise ratio) got a sudden boost of notoriety and popularity when none other than Jerome Powell explained after the Fed's 50bps rate cut, that he had been closely following the Beige Book which had emerged as a driving force behind the Fed's unexpected "jumbo" 50bps rate cut.