So, as the Federal 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 on how those policies are affecting them.
Events like the one today are a key part of fostering that two-way communication. With that as context, let me turn now to the business at hand: the current state of the economy. Throughout my remarks, I’ll be referring to the Federal Open Market Committee, or  BIS central bankers’ speeches  1  FOMC.