During that time, the Federal Reserve specified an explicit target for inflation, began holding regular press conferences and greatly expanded its use of forward guidance – that is, its communications about the likely future evolution of policy.
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.