The latest edition of the Federal Reserve’s (Fed) Beige Book, released Wednesday, January 17, 2018, continued to deliver a positive view of the U.S. economy. The Beige Book is a qualitative assessment of the domestic economy and each of the 12 Fed districts individually. The report is prepared eight times per year, ahead of each Federal Open Market Committee (FOMC) meeting — the next of which is set to take place from January 31 to February 1, 2018. We believe that the Beige Book is best interpreted by measuring how key words change over time. The qualitative inputs for the January 2018 Beige Book were collected in the weeks prior to January 8, 2017.