Federal Reserve transparency, communication, and forward guidance changes (1994-2014)

1. FOMC begins creating meeting transcripts with delayed release

   Feb 1, 1994Labels: FOMC Transcripts

   • FRASER
   • Fed Historical

2. First post-meeting FOMC policy statement issued

   Feb 4, 1994Labels: FOMC Statement

   • FRASER
   • Fed History

3. FOMC commits to announcing all policy changes

   Feb 1, 1995Labels: FOMC Communication

   • Fed Historical
   • Fed Search

4. Statements begin explicitly stating the fed funds target

   Jul 1, 1995Labels: Federal funds

   • Fed Speech

5. Statements shift to represent the full Committee

   Mar 1, 1997Labels: Full Committee

   • Fed Speech

6. Statements released after every scheduled meeting

   Jan 1, 2000Labels: Meeting Statements

   • Fed Historical
   • Fed Speech

7. Roll-call vote added to immediate FOMC announcements

   Mar 19, 2002Labels: Roll-call Vote

   • Fed Release
   • Ferguson Speech

8. “Measured pace” guidance signals gradual tightening approach

   May 4, 2004Labels: Measured Pace

   • Fed Notes
   • Reuters

9. Minutes release accelerated to three-week schedule

   Dec 14, 2004Labels: Minutes Schedule

   • Fed Historical
   • Fed in Print

10. Summary of Economic Projections (SEP) released publicly

    Nov 1, 2007Labels: Summary of

    • FOMC SEP
    • Jefferson Speech

11. Crisis-era forward guidance begins with “for some time”

    Dec 16, 2008Labels: Crisis Forward

    • FOMC Minutes
    • Powell Speech

12. Fed Chair begins regular post-meeting press conferences

    Apr 27, 2011Labels: Chair Press

    • Fed Presser
    • Jefferson Speech

13. Date-based forward guidance introduced: “at least through mid-2013”

    Aug 9, 2011Labels: Date-based Guidance

    • Powell Speech

14. “Statement on Longer-Run Goals” sets 2% inflation objective

    Jan 25, 2012Labels: Longer-Run Goals

    • Fed Timeline
    • Jefferson Speech

15. Threshold-based forward guidance replaces dates

    Dec 12, 2012Labels: Threshold Guidance

    • Lacker Speech
    • Powell Speech

16. Fed begins discussing revisions to longer-run goals statement

    Nov 19, 2014Labels: Goals Revision

    • Fed Timeline