Here comes the Fed's Beige Book ...

At 2 p.m. ET, the Federal Reserve will publish its latest Beige Book.

The release is full of so-called 'anecdata:' anecdotes from the Fed's 12 districts that reflect how the local economies are doing and can add some color to the economic trends that we're already aware of.

The document is prepared ahead of the Fed's policy meetings and helps inform the discussions that happen there.

"Consistent with what we have seen with the trends in consumer spending, housing and manufacturing, we expect to see the Fed's updated Beige Book reveals that the overall and most regional economies expanded at a "modest to moderate" pace," said Wells Fargo's Sam Bullard in a preview.

"Anecdotal evidence over the possibility of stronger wage pressures will be of utmost interest to Fed officials and the market."

We'll have the full Beige Book and its highlights at the top of the hour. Refresh this page for updates.