Central Banking in the USA

Central Banking (CB): You have recently suggested that "forecast targeting in the United States is an idea whose time has come." Could you explain what this would mean for the Fed and how it differs from the current framework?

Michael Wood ford (MW): An important question that the Fed has been thinking about a lot over the past year is whether they can and need to improve their communication strategies. This is not unconnected with possible changes in the things they focus on in policy deliberat