The Fed urgently needs to improve the clarity of its communications. Just like any trusted family physician, Fed officials need to present the facts plainly, characterize the uncertainty about the current diagnosis, and explain what steps will be taken to address any significant adverse scenarios that might transpire. Such an approach cannot be a panacea but will surely provide some greater reassurance to households and businesses and thereby promote maximum employment and price stability.
Agree. The Fed's communications style is not a great example to follow.