Fed transcripts reveal origins of modern forward guidance

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The transcripts from the US Federal Open Market Committee's (FOMC) 2008 meetings offer insight into the origins of modern forward guidance, not only at the Federal Reserve but at numerous other central banks across the globe.

Forward guidance is currently in vogue. Beyond the Fed, the Bank of Canada, Bank of England, European Central Bank (ECB) and even the National Bank of Rwanda are among those to experiment with statements about the expected path of interest rates.

It is not, however, a new c

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