Here comes the Beige Book ...

The Federal Reserve will at 2 p.m. ET. publish its latest compilation of viewpoints on the economy in its Beige Book.

It is a busy week for Fed news. William Dudley of the New York Fed and Dallas Fed President Kevin Kaplan earlier spoke with a hawkish tone on interest rates, prompting the forward market to review its forecast for the number of times the Fed would hike this year.

On Wednesday, traders priced in an 80% chance of a rate hike at the Fed's March meeting, up from 50% at the start of the week.

Fed Chair Janet Yellen will speak on Friday before officials go into the blackout period leading up to their March 14-15 meeting.

To help compile the Beige Book, the Fed's 12 districts collect anecdotes from their contacts in industries ranging from real estate to tourism.

More to come ...