The Federal Reserve Bank of New York, as part of its transparency regime, is now posting the Blackbook with a five-year lag. The Blackbook, which represents our main pre-FOMC briefing document to the Bank president, includes the Research staff's policy recommendation for the coming FOMC meeting. To support that recommendation, the Blackbook also includes a review of the staff outlook and judgmental forecast as well as the staff's assessment of the risks facing the U.S. economy.