Fed Vice Chairman Stanley Fischer speech on 'Monetary Policy Expectations and Surprises' at the Columbia University (not speak about current outlook)
- First, a question: Can the Fed be too predictable? "there is a circumstance where it might be reasonable to argue that the Fed could be too predictable--in particular, if the path of policy is not appropriately responsive to the incoming economic data and the implications for the economic outlook."
- Comment on the SEP, the quarterly Summary of Economic Projections of the participants in the FOMC: "one may say that the SEP shows the basis from which each participant in the FOMC discussion is likely to start. But the task of moving from that information to an interest rate decision is not simple and requires a great deal of analysis and back-and-forth among FOMC participants at each meeting."
- Full text.