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Central bank communications have evolved substantially since Sir Montagu Norman, the governor of the Bank of England from 1921-1944, reportedly took as his personal motto, “Never explain, never excuse.” More recently, in the U.S., the Federal Reserve has expanded its communications to include a statement after every meeting of the Federal Open Market Committee (FOMC), quarterly press conferences by the chair, and quarterly projections of the economy and the path of interest rates by each member of the FOMC.
Other central banks have done much the same, believing that monetary policy is more effective when the public and financial markets understand the central bank’s thinking and that openness is essential to preserving central bank independence in democratic societies. Yet the Fed is often criticized for being unclear and opaque, and there is no doubt that the Fed’s audiences are often confused.
On November 30, the Hutchins Center on Fiscal and Monetary Policy and the Center for Financial Economics at Johns Hopkins examined the purpose and quality of Fed communications from the perspectives of academics, former Fed officials, Wall Street Fed watchers, and those in the press who cover the Fed. What is and what should be the goal of Fed communications? What does it do well? Not so well?
Photo by Paul Morigi
Central bank communications have evolved substantially since Sir Montagu Norman, the governor of the Bank of England from 1921-1944, reportedly took as his personal motto, “Never explain, never excuse.” More recently, in the U.S., the Federal Reserve has expanded its communications to include a statement after every meeting of the Federal Open Market Committee (FOMC), quarterly press conferences by the chair, and quarterly projections of the economy and the path of interest rates by each member of the FOMC.
Other central banks have done much the same, believing that monetary policy is more effective when the public and financial markets understand the central bank’s thinking and that openness is essential to preserving central bank independence in democratic societies. Yet the Fed is often criticized for being unclear and opaque, and there is no doubt that the Fed’s audiences are often confused.
On November 30, the Hutchins Center on Fiscal and Monetary Policy and the Center for Financial Economics at Johns Hopkins examined the purpose and quality of Fed communications from the perspectives of academics, former Fed officials, Wall Street Fed watchers, and those in the press who cover the Fed. What is and what should be the goal of Fed communications? What does it do well? Not so well?
Photo by Paul Morigi
Central bank communications have evolved substantially since Sir Montagu Norman, the governor of the Bank of England from 1921-1944, reportedly took as his personal motto, “Never explain, never excuse.” More recently, in the U.S., the Federal Reserve has expanded its communications to include a statement after every meeting of the Federal Open Market Committee (FOMC), quarterly press conferences by the chair, and quarterly projections of the economy and the path of interest rates by each member of the FOMC.
Other central banks have done much the same, believing that monetary policy is more effective when the public and financial markets understand the central bank’s thinking and that openness is essential to preserving central bank independence in democratic societies. Yet the Fed is often criticized for being unclear and opaque, and there is no doubt that the Fed’s audiences are often confused.
On November 30, the Hutchins Center on Fiscal and Monetary Policy and the Center for Financial Economics at Johns Hopkins examined the purpose and quality of Fed communications from the perspectives of academics, former Fed officials, Wall Street Fed watchers, and those in the press who cover the Fed. What is and what should be the goal of Fed communications? What does it do well? Not so well?
Photo by Paul Morigi
Reproduction of the garrison flag that flew over Fort McHenry during the battle in 1814. Note that it has 15 stars and 15 stripes for the original 13 colonies plus the two new states of Vermont and Kentucky, although by 1814 there were actually 18 states. I don't know why the Fort McHenry flag only had 15 stars and stripes..
Chair Powell answers reporters' questions at the FOMC press conference on January 29, 2025. www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Date: July 2014
Medium: Digital Photomontage
Dimensions: w 42" x h 63"
© 2014 Tony DeVarco
Part of a corporate commission "Looking @ Baltimore"
Fort McHenry National Monument and Historic Shrine- www.nps.gov/fomc/index.htm
Fort McHenry History- www.nps.gov/fomc/historyculture/history-of-fort-mchenry.htm
Fort McHenry fife and drum corp- www.fortmchenryguard.org/corps-of-artillery-field-music.html
Chair Powell answers reporters' questions at the FOMC press conference on May 7, 2025. www.federalreserve.gov/monetarypolicy/fomccalendars.htm
NEW YORK - SEPTEMBER 16: Traders work on of the floor of the New York Stock Exchange (NYSE) September 16, 2008 in New York City. The Federal Open Market Committee (FOMC) met today and announced they will hold the federal funds rate at 2.0 percent, despite the recent turmoil among investment banks on Wall Street. U.S. stocks were mixed following yesterday's Dow Jones Industrial Average plunge of 4.4% or 504 points, being the worst single day loss since the terrorist attacks of September 2001. (Photo by Spencer Platt/Getty Images)
Chair Powell answers reporters' questions at the FOMC press conference on June 18, 2025. www.federalreserve.gov/monetarypolicy/fomccalendars.htm
FINDING MUSIC: Dealing With Out of Print & Orphan Works
Walter McDonough, Mario Bouchard, Peter Gutmann, Michael Taft, Oliver Metzger
Chair Powell answers reporters' questions at the FOMC press conference on May 7, 2025. www.federalreserve.gov/monetarypolicy/fomccalendars.htm
CRICKET IDOL: Fans taking photograph with a cut-out of Cricketer Mahendra Singh Dhoni on display, on the shores of Marina Beach, the second longest beach in the worldcut-out at a beach studio on Marina Beach in Chennai. For many Indians, Cricket is the religion and the cricketers are idols.
Statue of Orpheus
Featured in a BRAND NEW Teaching with Historic Places Lesson Plan -- ”The Rocket’s Red Glare”: Francis Scott Key and the Bombardment of Fort McHenry
Baltimore (Independent City), MD
Listed: 10/15/1966
Fort McHenry, constructed between 1794 and 1802 to guard the entrance to the Baltimore harbor, is recognized as one of the finest surviving examples of coastal fortifications built during the First American System. This system of federally-funded forts spanned the Atlantic seaboard and the Gulf of Mexico to protect strategic ports from foreign invasion. The site derives preeminent national significance from its pivotal role in the defense of Baltimore during the War of 1812, withstanding a 25-hour British naval bombardment on September 13-14, 1814. From its establishment until 1912, Fort McHenry remained an active military post. In 1925 Congress designated the fort a national park and “perpetual national memorial shrine” under the administration of the War Department. These efforts are significantly linked to the historic preservation philosophy of the time and the growing recognition that the federal government should play an active role in the protection and interpretation of the nation’s most important historic sites.
In 1939, the fort was redesignated as Fort McHenry National Monument and Historic Shrine, the only park in the nation to bear this dual distinction.
Francis Scott Key, detained off-shore by the British during the 1814 attack on the fort, witnessed the bombardment and was moved to write the poem, “The Star-Spangled Banner.” Key wrote his poem in 1814, in the last year of the War of 1812. The United States had declared war on Great Britain in June 1812. At first, the British were too busy fighting the French to devote much energy to the pesky Americans. Once Napoleon abdicated in April 1814, the British set out to teach their former colonies a lesson. In August, fifty ships sailed up Chesapeake Bay. After occupying Washington on August 24, and burning the Capitol, the White House, and other public buildings, the British turned their attention northward. Fort McHenry stood between the British navy and the city of Baltimore. When the fort refused to be subdued, the ships sailed away, to the cheers of the defenders. For many Americans, the War of 1812 was the “Second War of Independence.”
Few people remember the War of 1812 today, but the poem it inspired, almost immediately set to music as “The Star Spangled Banner,” has become the national anthem of the United States and a potent source of inspiration and community for Americans in times of crisis.
. Kendra Brooks
Action United Pennsylvania
I had the American dream, and then the world changed. I always followed the rules and did everything you should to succeed. I have an MBA, I worked for the same organization for 15 years running programs for special needs kids, and supervised a staff of 100 employees. I lost my job last year when my department got downsized.
I almost lost my house, my car was repossessed twice in a year, I had to spend my savings, and when my savings was gone I had to cash out my 401k just to pay my bills and survive. This past year I looked for jobs everywhere, across all sectors, jobs below my level and above my level, I even dumbed down my resume because people told me I was overqualified for the jobs I was applying for. But I had to. My unemployment ran out after six months, and in this economy, even people like me with experience and education can’t find a job in six months.
The Philadelphia Fed President Charles Plosser was the only person to dissent at the last FOMC meeting because he thinks we’re making economic progress. Mr. Plosser, I’ll admit that falling unemployment number you’re looking at includes me. I found a job. But now I make half of what I made before, I could no longer pay for my daughter’s education so she had to stop going to school and enlist in the army. Is that your idea of economic progress, Mr. Plosser?
Esther George of the Kansas City Fed shares a lot of your opinions and she talked with us in Jackson Hole for two hours. I invite you to do the same thing and meet with groups like Action United and other allied organizations in your region to hear our perspective.
According to the American Dream, if you work hard, you see the results. But that’s not true anymore. Not in this economy.
The members of the Board of Governors of the Federal Reserve System participate in the Federal Open Market Committee (FOMC) meeting held on March 18-19, 2025, at the William McChesney Martin Jr. Building in Washington, D.C.
FOMC meetings, calendars, statements, and minutes are available here. www.federalreserve.gov/monetarypolicy/fomccalendars.htm
Please note: Confidential documents seen in this photo have been obscured.
Chair Powell answers reporters' questions at the FOMC press conference on March 19, 2025.
FOMC meetings, calendars, statements, and minutes are available here. www.federalreserve.gov/monetarypolicy/fomccalendars.htm