This would impose more rigor on statistical systems, with more frequent and broader coverage of private sector activities. 9|Page  draws in all of the other financial sector regulators, so that prudential measures, when required, have a uniform impact. Alternatively, The Bahamas needs to move to consolidate the supervision of the financial sector, at a minimum, along prudential lines.
In this spirit, I think the FOMC may face a similar communications challenge as the nature of the forward guidance for the path of short-term interest rates evolves over the next couple of years. The 6.5 percent unemployment threshold that we had until recently was not only quantitative in nature, but it also represented a relatively firm commitment on the part of the Committee.