Poole outlines problems of predicting Fed rates

Attempts by the Federal Open Market Committee (FOMC) to provide forward guidance in the policy statement cause more communications difficulties than they solve, says William Poole, the president of the St Louis Federal Reserve.

Poole, who leaves the Federal Reserve at the end of March, explained that the key reason for this was that the economy is subject to more shocks and reversals than one might think.

"I know that market participants are hungry for insight into the FOMC's thinking and into

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