00:00Meanwhile, the new chair, Kevin Walsh, spoke on Wednesday afternoon and quickly turned to a discussion on why the Fed
00:07is changing its approach to communicating with the public, including changes to the so-called dot plot of economic projections
00:13by Fed officials.
00:19You might have already noticed something, a difference in today's policy statement.
00:24It's a bit shorter, a bit simpler, and it dispenses with some older language.
00:30That statement just gives you the facts as best we can judge it.
00:35Absent also is so-called forward guidance, which we agreed was not well suited to the current policy conjuncture.
00:43I'm appointing a task force in each of five areas that are central to the broad conduct of monetary policy.
00:50First, Fed communications.
00:53Second, the Fed's balance sheet.
00:55Third, our use and reliance on existing data sources.
01:02Fourth, productivity and jobs in an era of transformation.
01:07And last, the Fed's inflation frameworks.
01:10These subjects are timely, consequential, and in my view, worthy of a fresh look.
01:17We made some changes today.
01:19I expect more changes to come.
01:22And some of those might well be worthy of a press conference.
01:25Thank you all very much.
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