Nobel winner Phelps sees Fed transparency risk

Edmund Phelps, awarded the Nobel Prize for economics last week, told Bloomberg in an interview published Wednesday 18 October that Federal Reserve policy makers must make sure that they are no so open with the public that their ability to make decisions is constrained.

"I'm a little bit distrustful of the idea of fixed, transparent interest-rate rules," Phelps said in an interview with Bloomberg in New York. "The central bank had better leave itself open for using its intuition and responding