The Importance of Communication in the Fed's Decision Making Process

There's a lot of opinions about whether the dot plot is more helpful than not, especially when you're conditioning it on a model outlook. And then you add to that that you've got up to 19 people that could have different model outlooks and so they're putting together their own. "It's an imperfect tool," says Fed chief Janet Yellen. It can help them as, as Charlie Evans argued in March, it allowed them to project a lot more tightening ahead of their action.

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