Or why not have each bank specialize in a different subfield of economics? I have a couple of answers to these questions. The first is grounded in the nature of monetary policymaking at the Federal Reserve. The essence of the Federal Reserve System is that each of the 12 Reserve Bank presidents brings a distinct perspective to monetary policy deliberations.
The fifth and final Stage of the process – Communication – focuses on the publication of the press release at 9:00 a.m. on Tuesday announcing the Bank’s decision and explaining the reasons behind it. Four times a year, this message is reinforced and expanded upon with the release of a Monetary Policy Report one day later.