What is local cache?

Hi everybody,
I was reading the Web Forms chapter of a VB.NET book in which it says that VS.NET keeps a copy of the Global.asax and Web.config files in its local cache. What is the meaning of local cache?

When VS.NET make set of configurations in the cache , generally it meanst , it save these settings or the values in a folder or in CPU cache (while running only) or in the mem or the way it save its cache .This would serves fast access to these files *I think* .

Thanks!