Here’s Morgan Stanley’s Fed prediction for today.
This is the first we’ve seen anyone make the guess that’s in bold there.
For the last few years Bernanke has held a press conference every few meetings, which is part of his effort towards greater transparency. And it also reflects the reality that communication has become one of the Fed’s most powerful tools. (When interest rates are at zero, one of the main things you can do is talk).
Janet Yellen is really big on the importance of communication (she gave a speech on it earlier this year) so it certainly seems plausible that having a press conference after every meeting in 2014 is something she would find valuable.
And incidentally if they do start this practice right away next year, it would mean that today’s press conference from Bernanke won’t necessarily be his last, since he’s still scheduled to be Fed chair for the January meeting.
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