Minneapolis Fed essay suggests new focus for FOMC comms
Minneapolis Fed staff rewrite January statement to illustrate point
The Federal Open Market Committee (FOMC) should talk more about the destination of monetary policy and not just the roadmap for getting there, according the director of research at the Federal Reserve Bank of Minneapolis, Sam Schulhofer-Wohl.
He argued the FOMC's communications approach is "incomplete" in an essay released ahead of the Minneapolis Fed annual report for 2014 – something he attributed to its failure to communicate what it is trying to accomplish.
In addition, Minneapolis Fed staff
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