Although at times it feels cacophonous, the willingness of FOMC members to present their individual perspectives in speeches and other public forums provides the public with useful information about the diversity of views and the balance of opinion on the Committee. Other possibilities for improved transparency may exist.
Importantly, as we think about these, we should not simply take the view that more information is always better. Indeed, irrelevant or badly communicated information may create more noise than signal; and some types of information provision - an extreme example would be televising FOMC meetings - risk compromising the integrity and quality of the policymaking process itself.