The Fed, ECB and BOE Must Communicate Better, Not Less

The transparency revolution in central banking proved unstoppable for three decades. Gone were the days when global monetary institutions operated as temples of secrecy. Gone was the Bank of England’s philosophy of “never explain, never excuse.” Gone, too, were the days when Federal Reserve Chair Alan Greenspan could willfully obfuscate in front of Congress (or in his own words, “mumble with great incoherence.”) After Jerome Powell took the reins of the Fed in 2018, he declared that the culture