Questions of how much to say about the likely path of policy were extensively debated in the public sphere in the years leading up to the Bernanke era, and by the FOMC while Ben was Chairman.
8 The benefits of greater transparency are typically thought to include more efficient pricing of financial assets and a closer alignment between the market’s views and those of the Committee. 9 Transparency should allow asset prices to respond immediately to incoming economic data, which would foster progress toward the Committee’s objectives.