BIS central bankers’ speeches  11  Conclusion The past few years have seen important changes in the FOMC’s communications – innovations that promote the Federal Reserve’s accountability to the public.
Beyond that, I believe better communication serves to improve the efficacy of monetary policy at a time when the FOMC faces constraints on its ability to provide appropriate support to the economic recovery through the federal funds rate, its traditional policy tool. In my view, we’ve made progress, but much work remains to be done.