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How Will Less Fed Transparency Affect Markets and the Economy?
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Federal Reserve Chairman Kevin Warsh has steered the central bank into an era of less transparency. Former Fed governors Donald Kohn and Stephen Miran, as well as Goldman Sachs Chief Economist and Head of Goldman Sachs Research Jan Hatzius, discuss on the Goldman Sachs Exchanges podcast the merits of Fed communication and how it affects financial markets. The episode is based on the latest Top of Mind report. Key takeaways: Kohn says there is a “golden mean” in which financial markets have some information from the Fed, such as a narrative that helps investors process incoming data, without central bank officials providing too much specific information about their policy plans. Reducing…