Federal Reserve Chairman Kevin Warsh wants to modernize the central bank’s communication strategy. An external panel appointed by Warsh is currently examining the best paths forward, particularly regarding how the Fed communicates its economic outlook. The last innovation in this area dates back more than a decade, when Chairman Ben Bernanke added the interest-rate forecasts known as the “dot plot” to the quarterly Summary of Economic Projections in 2012. This dot plot reveals individual Fed officials’ interest-rate outlooks, but it was only considered a first version of a project meant to evolve into something more informative and better.
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