The False Promise of the Fed's Forward Guidance

The False Promise of the Fed's Forward Guidance

The 2008 financial meltdown exposed a lack of transparency in the financial system. The U.S. Federal Reserve, in response, sought to provide more openness and fewer surprises with forward guidance -- early indications of changes in monetary policy to guide investors, businesses and households. The Fed's hope was that providing information about likely changes could reduce market disruptions. 

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