2  Before 1994 the public did receive relatively immediate notice of monetary policy action if a change in the FOMC’s target for the federal funds rate was accompanied by a change in the discount rate, which was always announced in a press release.
BIS Review 57/2004  3  To be absolutely clear, in pointing out the benefits of clear communication I am not asserting that central bank talk represents an independent tool of policy. Indeed, if the central bank’s statements are not informative about the likely future course of the short-term interest rate, they will soon lose their ability to influence market expectations.