Of course, the jump in growth followed a sluggish first-quarter gain: That choppiness in growth reflected large swings in several factors that are often volatile, including inventory investment, federal defense outlays, and net exports.
A transparent policy process improves accountability by clarifying how a central bank expects to attain its policy objectives and by ensuring that policy is conducted in a manner that can be seen to be consistent with achieving those objectives. Over the past decade or so, the Federal Reserve has significantly improved its methods of communication, but further progress is possible.