But the ways in which these policymakers think and talk about the economic outlook, the formulation of monetary policy, and the communication of that policy have all changed dramatically, especially lately. So without further ado, I’d like to invite you to come with me to the FOMC.
We’ll start with a recent meeting and I will try to point out the things that have changed within the meetings themselves since previous speeches. As we enter the room, you will notice a large oval table, big enough to seat about 25 people. Chairman Bernanke sits at the center of the table.