A little doomsday feeling is weighing on the economy

The podcast episode, titled "The Beigie Awards," features hosts Robert Smith and Darian Woods discussing the Federal Reserve's Beige Book, an obscure government report that gathers qualitative information about the economy from regional banks. They express excitement that Federal Reserve Chair Jay Powell highlighted the Beige Book in a speech. The hosts then present their "Beigie Awards" for notable entries in the report. Runner-up awards go to the Kansas City Fed for a "glass half full" observation about tattoo artists having open appointments during an economic slowdown, and to the Cleveland Fed for noting the booming AI data center industry, described as a "collective holding of breath." The main "Beigie Award" is given as a lifetime achievement award to Tom Barkin, President of the Richmond Fed, for his dedication to gathering economic stories directly from people in his district. Robert Smith accompanies Barkin to a Virginia CEO's group luncheon, where Barkin discusses the varied economic experiences across different sectors and regions, and engages with attendees like Scott Turner, a business owner concerned about college graduates finding jobs. Barkin emphasizes the importance of these anecdotal insights for understanding economic nuances and turning points, even if individual stories don't directly drive policy. The episode concludes with the hosts hoping the Beige Book will return to its "obscurity" now that government data is flowing again.