Fed to Change Timing of Policy Statements

Wednesday, 13 Mar 2013 04:10 PM

 

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The Federal Reserve next week will cut to 30 minutes the gap between the release of the Federal Open Market Committee policy statement and the start of Chairman Ben S. Bernanke’s press conference.

The central bank will release the FOMC statement and the Summary of Economic Projections at 2 p.m. Washington time, followed by Bernanke’s briefing to reporters at about 2:30 p.m., the Fed said in a statement Wednesday. Prior FOMC statements were released at about 12:30 p.m. on press conference days, with Bernanke starting his briefing at 2:15 p.m.

The change will “better facilitate the release of information in conjunction with the chairman’s quarterly news conferences,” the Fed said in a statement in Washington.

Fed officials, who are scheduled to gather March 19-20 in Washington, are modifying their communications policy almost two years after Bernanke began giving press conferences in April 2011 to increase transparency in how the central bank sets monetary policy.

The FOMC’s 19 participants at their January 2012 meeting began releasing their projections for the path of the Fed’s target interest rate.

© Copyright 2014 Bloomberg News. All rights reserved.

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