A little doomsday feeling is weighing on the economy

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• 00:11

  NPR.

• 00:11

  Darian, you know that feeling when you love an obscure band and suddenly the band blows up big?

• 00:17

  Yeah, there's a little bit of pride, a little bit of superiority.

• 00:20

  We were there first, right?

• 00:22

  Well, I was listening to the chair of the Federal Reserve, Jay Powell, give a speech.

• 00:26

  And all of a sudden, he brought up our favorite obscure government report, the beige book.

• 00:32

  So let me say a word about the beige book.

• 00:34

  So there are 12 reserve banks, as you know, around the country.

• 00:37

  and they do a deep dive and they collect lots and lots of information about the economy.

• 00:42

  And it's like he's taking the show for us.

• 00:44

  Right?

• 00:45

  Powell walks through how the beige book works, just like we do,

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  how the regional feds gather stories about the economy.

• 00:50

  And that information gets collated and put into what we call the beige book because it's beige.

• 00:57

  We're not that original.

• 01:00

  And I have to say,

• 01:02

  I don't know of any source of sort of qualitative information about the economy that even approaches this.

• 01:08

  That's a five-star rating right there.

• 01:11

  I will say, even though Powell talked about the beige book, he didn't do the most important part.

• 01:16

  He didn't give an award for the best entry.

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