In fact, it is quite remarkable to note that prior to 1994 the target Federal Funds Rate was not even announced by the US Federal Reserve: the market was left to infer the rate from the timing, sequence and magnitude of its open market operations (Woodford, 2005).
Now, however, the U.S. Federal Reserve not only announces its current target Fed Fund Rate but also provides a clear indication of the likely trajectory of future interest rates. Such has been the revolution in Central Bank communication practice over the last ten to fifteen years.