Yellen wants more transparency and a change in forward guidance

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Janet Yellen, the vice-chair of the Federal Reserve, on November 13 urged the central bank to do more to achieve a permanent and substantial advance in its transparency.

Yellen, a member of the Federal Open Market Committee (FOMC), also advocated extending the Fed's forward guidance on its federal funds rate beyond a calendar date by informing the public of the economic conditions that would need to prevail before the rate would be increased.

This approach would enable the public to immediately

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