So, as the Federal  BIS central bankers’ speeches  1  Reserve System plans for its second century, I would say that the importance of two-way communication is a key lesson from the System’s first century. In order for the Fed to continue to be effective, it needs to communicate its policy decisions transparently to the public.
Conversely, it also needs the public’s input into how those policies are affecting them. Events like the one today, and my meeting with business leaders earlier today, are a key part of fostering that two-way communication. With that background in mind, let me turn back to the Federal Open Market Committee and the making of monetary policy.