Yellen calls quantitative thresholds a ‘major improvement’ in forward guidance

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The Federal Reserve's communication is central to its policy-making, and improved substantially last year with the introduction of quantitative thresholds, Janet Yellen, the Fed's vice-chair, said yesterday.

Addressing a conference of the Society of American Business Editors and Writers in Washington, DC, Yellen said the move from calendar guidance to quantitative thresholds in December 2012 represented a "major improvement" in communication.

Yellen said the thresholds, which state that policy

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