8 But, for this guidance to have its maximum effect, it must be understood and believed by the public, and therefore provide the public with a solid basis for forming their borrowing and spending decisions today. 9 In my view, such credibility can be achieved only if the public understands the FOMC’s objectives and intentions.
Communications after the financial crisis Chairman Bernanke asked me to take up these challenges in 2010 as chair of a new FOMC communications subcommittee.