Fed's Mishkin proposes communications changes

Frederic Mishkin, an outgoing governor of the Federal Reserve, believes the central bank needs to make a raft of improvements to its communication policy.

The horizon for the projections on output growth, employment and inflation, should be lengthened, he said. "The three year horizon of the projections [extended from two years last November] may not be long enough to provide sufficient clarity about the views of Federal Open Market Committee (FOMC) participants regarding the mandate-consiste