However, until now, these releases did not include any information about the assumptions policymakers made about the path of monetary policy. Therefore, it was difficult for the public to interpret the projections for growth, employment, and inflation. Early last summer, Chairman Bernanke asked Governor Yellen, Governor Raskin, President Evans, and me to serve on a communications subcommittee.
In January, the FOMC adopted two initiatives brought forward by the subcommittee. Both initiatives are important steps forward for the FOMC and are intended to serve the Committee and the public over the longer term. The first concerned improving our communications about FOMC participants’ economic projections in the SEP.