2  I will use the terms "developing economies" and "emerging-market economies" interchangeably in this speech, although some observers draw distinctions between them. 3  In this section, the developing economies consist of those listed under "Other Emerging Market" and under "Developing" in the IMF's World Economic Outlook plus Hong Kong SAR, Israel, Korea, Singapore, and Taiwan.
The changes adopted by the FOMC are an important advance: They will provide additional insight into the Committee's outlook, they will help households and businesses better understand and anticipate our policy decisions, and they will enhance our accountability for the decisions we make.