That decentralized structure is one of our great strengths, but it requires that I begin with the usual disclaimer that the views I express are my own and do not necessarily reflect those of the Federal Reserve System or my colleagues on the Federal Open Market Committee (FOMC).
In my remarks this morning, I want to discuss the benefits of rule-like, systematic behavior in the design and conduct of monetary policy. Such behavior, combined with greater transparency, leads to communication that is more effective. This, in turn, helps the public understand the FOMC’s strategies, individual policy decisions, and the likely path of policy.