Here comes the Beige Book ...

The latest Beige Book from the Federal Reserve is set for release at the top of the hour.

The Beige Book is a collection of anecdotal economic observations from each of the Fed's 12 regions.

The Beige Book is published two weeks before each Fed policy announcement and forms some of the basis for discussion about the economy at the two-day Federal Open Market Committee meeting.

Commentary collected in Wednesday's report will likely have been collected up to around 2 weeks ago, and so we'll see how much of the recent market turbulence is captured in this report, particularly since Fed officials have said in recent communications that the volatility we've seen in financial markets of late could weigh on its decision to raise rates in September or not.

We'll be back with the full breakdown when the report drops.