More transparency ahead at the Fed?
Report: Chairman may push for more openness regarding monetary policy, including longer statements and possibly press conferences.
NEW YORK (CNNMoney.com) - Federal Reserve Chairman Ben Bernanke may start making a push for more transparency on how the central bank sets its monetary policy, which could include longer statements and possibly even press conferences, according to a report published Tuesday.
Citing previous comments made by Bernanke and other central bank officials, The Washington Post reported that Bernanke could start making recommendations as early as today before the Fed wraps up its two-day meeting.
In his confirmation hearing in November, Bernanke told Congress he wished to "increase the transparency of the Federal Reserve," the newspaper reported.
Possible changes could include issuing longer statements following policy-making meetings, having central bank officials issue economic forecasts more often, setting a long-term target number for inflation and possibly holding press conferences following a central bank meeting, the Post reported.
But no changes are expected today or perhaps anytime soon as the Fed is known for slowly enacting change, according to the newspaper. Alan Greenspan spent six years at the helm before suggesting that interest rate decisions be made public.
The Federal Reserve is expected to raise the fed funds rate for the 15th straight time Tuesday, bringing the overnight bank lending rate to 4.75 percent.
What is Bernanke expected to say today? Click here for a preview.