John Williams, president of the San Francisco Federal Reserve, on January 12 said plans to introduce an explicit long-run policy goal at the Fed would enhance the transparency of its policy-making.

At the 2012 Economic Forecast Breakfast in Vancouver, Washington, Williams said: "One thing we are hard at work on now is improving our communication of the Fed's monetary policy strategy and plans. Our moves towards greater openness in recent years have made our policies more effective and helped the