In an effort to plug leaks at the Federal Reserve, the U.S.'s central bank issued a statement yesterday that members of the Federal Open Market Committee “will refrain” from sharing insider information “with any individual, firm, or organization who could profit financially from…that information.”
Since the establishment of the Federal Reserve in 1913, its operations and decision-making processes have been deliberately opaque. In the 1990s the minutes of its policy meetings weren’t made public for five years. And with then-Chairman Alan Greenspan’s deliberate obfuscation of Fed policy — called “FedSpeak” — an entire cottage industry sprang up trying to interpret the Fed’s machinations and likely next moves on monetary policy.
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Photo: Chairman of the Federal Reserve System, Ben Bernanke