I always marvel at his ability to quickly and coherently summarize a diverse set of observations into a cohesive narrative and use it to transition the discussion to appropriate policy. The director of the Board’s Division of Monetary Affairs then kicks off the policy discussion with a presentation of monetary policy alternatives.
For each alternative, he talks us through the rationale for choosing it and the anticipated financial market response if the action were taken. Following questions, we begin the monetary policy go-round. Interestingly, all of the previous “Come with Me” speeches highlight the way the Chairman influences the outcome of the meeting through his leadership rather than domination or dictatorship.