Second, as I noted in a speech in late November, I think there is too much focus on what decision will be made about the federal funds rate target at the next FOMC meeting (Mishkin, 2007e). What is important for pricing most financial assets is the path of monetary policy, not the particular action taken at a single meeting.
For these reasons, I hope the recent enhancements to the Federal Reserve’s communication strategy – especially the greater prominence of the macroeconomic projections of FOMC participants – will help shift attention toward our medium-term objectives and our approach in meeting these objectives.