The Tealbook is a confidential report created by the staff of the Board of Governors of the Federal Reserve System before each meeting of the Federal Open Market Committee (FOMC). This report serves as an essential resource for FOMC members, providing thorough analyses, forecasts, and background information that aid in monetary policy decisions. The Tealbook merges two previously distinct documents, the Greenbook and the Bluebook, into a single report.

The Tealbook was launched in June 2010 to simplify and unify the Federal Reserve’s pre-meeting documentation. Prior to its introduction, the FOMC depended on two separate documents:

• Greenbook: Formally titled “Current Economic and Financial Conditions,” this document offered in-depth analyses and forecasts of both the U.S. and global economies.
• Bluebook: Officially named “Monetary Policy Alternatives,” this document outlined potential monetary policy options for the FOMC's consideration.

By combining these two documents into the Tealbook, the Federal Reserve aimed to deliver a more integrated and comprehensive overview of the economic landscape and policy considerations.

The Tealbook is divided into two sections, each with a specific focus:

• Tealbook A: Economic and Financial Conditions - This section analyzes the current status of the U.S. and global economies, along with forecasts for key economic indicators such as GDP growth, inflation, and employment. It also assesses financial market conditions and international economic developments.
• Tealbook B: Monetary Policy Strategies and Alternatives - This section examines potential monetary policy options that the FOMC may consider. It discusses the implications of various policy actions and presents scenarios regarding their potential effects on economic outcomes.

The Tealbook is initially classified as confidential and is not accessible to the public during the FOMC’s discussions. However, to enhance transparency, the Federal Reserve releases Tealbook content after a five-year delay. These historical documents offer valuable insights into the Federal Reserve’s decision-making processes and economic forecasts from previous periods. The most recent publicly available Tealbook was released in 2018, covering FOMC meetings from 2013.

The Tealbook is vital in guiding the FOMC’s discussions and decisions regarding monetary policy. By providing a detailed view of economic conditions and policy options, the Tealbook ensures that FOMC members have the necessary data and analyses to make informed choices. This document also reflects the thorough analytical work performed by the Federal Reserve staff to support the committee’s goals of fostering maximum employment and stable prices.

While the Tealbook is a technical and data-centric document intended for internal use by the FOMC, the Federal Reserve also publishes the Beige Book, which is a publicly accessible report released two weeks before each FOMC meeting. The Beige Book offers anecdotal information on economic conditions across the twelve Federal Reserve districts, providing a more qualitative perspective on the economy compared to the analytical emphasis of the Tealbook.

Historical Tealbooks are 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 examining the Federal Reserve’s monetary policy framework and its responses to past economic challenges.