Federal Reserve to give quarterly interest rate reports
The Federal Reserve, led by Chairman Ben Bernanke, will now report on its interest rates four times a year, in an effort to be more open about its practices.
This final note today, which comes with the disclaimer that I'm the last guy in the world who wants to read the minutes of Federal Reserve meetings. But the official notes of the December session that came out today did have an interesting tidbit.
From now on, the central bank is going to start telling us four times a year exactly how long it's going to keep interest rates where they are. That's instead of the usual 'for the foreseeable future' thing they usually do.
It's all part of the Fed's new communications strategy -- they're trying to be more open.
Best part? The decision was actually made a month ago. The newly-communicative Fed kept it secret 'til today.