The Federal Reserve proposed releasing more detailed economic forecasts after some meetings as a basis for monetary policy discussions, but it was criticized by regional Federal Reserve Bank presidents. They fear that it will be difficult to reach a common vision, and that it may further confuse the public. Federal Reserve Chairman Powell emphasized the need for improved communication last week, while former Chairman Bernanke suggested that Federal Reserve staff prepare economic reports and forecasts and publish them four times a year after policy meetings. Bernanke said that issuing a “transparent, complete, and comprehensive overall economic forecast” will help the outside world to better understand the Fed's decisions and subsequent trends, while emphasizing that alternative situations can make policymakers more flexible when the outlook changes. Federal Reserve Bank of Atlanta President Bostic questioned the added value of the immediate release of staff predictions, arguing that this could be misunderstood as the basis for the committee's decision. Bostic pointed out that decision makers have 19 opinions, plus 20 types of staff reports, making it difficult to reach consensus. Cleveland Federal Reserve Bank President Hamack said that it is very challenging to reach consensus predictions or a few different situations, and he is worried that releasing more information will mislead the public.

The Federal Reserve proposed releasing more detailed economic forecasts after some meetings as a basis for monetary policy discussions, but it was criticized by regional Federal Reserve Bank presidents. They fear that it will be difficult to reach a common vision, and that it may further confuse the public. Federal Reserve Chairman Powell emphasized the need for improved communication last week, while former Chairman Bernanke suggested that Federal Reserve staff prepare economic reports and forecasts and publish them four times a year after policy meetings. Bernanke said that issuing a “transparent, complete, and comprehensive overall economic forecast” will help the outside world to better understand the Fed's decisions and subsequent trends, while emphasizing that alternative situations can make policymakers more flexible when the outlook changes. Federal Reserve Bank of Atlanta President Bostic questioned the added value of the immediate release of staff predictions, arguing that this could be misunderstood as the basis for the committee's decision. Bostic pointed out that decision makers have 19 opinions, plus 20 types of staff reports, making it difficult to reach consensus. Cleveland Federal Reserve Bank President Hamack said that it is very challenging to reach consensus predictions or a few different situations, and he is worried that releasing more information will mislead the public.