Chronic short-termism in the conduct of economic policy has done much to bring us to this parlous point. Think of your businesses in the public markets – and the harm that can be done to long-term prospects – if you were to do nothing but yield to the whims of analysts and the tyranny of quarterly measures.
As I and my Fed colleagues who have participated in these events will attest, they have provided us with valuable perspectives on the economy that we would not otherwise be able to glean from aggregate economic statistics. In coming regularly scheduled meetings, the FOMC will undertake its assessment of our monetary policy strategy, tools, and communication practices.