GET https://rct.dev.bbntimes.com/global-economy/does-the-federal-reserve-talk-too-much

ArticleController :: show

Request

GET Parameters

None

POST Parameters

None

Uploaded Files

None

Request Attributes

Key Value
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"*/*"
accept-encoding
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connection
"close"
cookie
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host
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user-agent
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x-php-ob-level
"1"

Request Content

Request content not available (it was retrieved as a resource).

Response

Response Headers

Header Value
cache-control
"no-cache, private"
content-type
"text/html; charset=UTF-8"
date
"Sat, 22 Feb 2025 13:45:32 GMT"
link
"</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style""
x-debug-token
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Cookies

Request Cookies

Key Value
PHPSESSID
"ms957e23acoen0b7anjilc6ai9"
care_did
"46057722-f57d-447c-ac57-b5df55802411"

Response Cookies

No response cookies

Session 6

Session Metadata

Key Value
Created
"Sat, 22 Feb 25 13:45:28 +0000"
Last used
"Sat, 22 Feb 25 13:45:30 +0000"
Lifetime
0

Session Attributes

Attribute Value
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Stateless check enabled
Usage
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Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
[
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]
Symfony\Component\Security\Http\Firewall\ContextListener:171
[
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]

Flashes

Flashes

No flash messages were created.

Server Parameters

Server Parameters

Defined in .env

Key Value
APP_ENV
"dev"
APP_SECRET
"0a988e63f011514eaabfc650b599af4d"
CORS_ALLOW_ORIGIN
"*"
DATABASE_URL
"mysql://bbndb_rctuser:33F5W25z40or0f7@localhost:3306/rct_bbntimes"
GOOGLE_RECAPTCHA_SECRET_KEY
"6LdV5fgpAAAAANxzTG8ZMfIjil1wu-1vrQvnUt-x"
GOOGLE_RECAPTCHA_SITE_KEY
"6LdV5fgpAAAAAENKcn73MJAhQrbtQeqgyC4wDLMP"
MAILER_DSN
"smtp://no-reply%40rct.dev.bbntimes.com:Bl6%26gLD48%26Of919@rct.dev.bbntimes.com:465"
MARIADB_PASSWORD
"i!87pK&!85ezc8"

Defined as regular env variables

Key Value
APP_DEBUG
"1"
BASE
"/public"
CONTEXT_DOCUMENT_ROOT
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
CONTEXT_PREFIX
""
DOCUMENT_ROOT
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
FCGI_ROLE
"RESPONDER"
GATEWAY_INTERFACE
"CGI/1.1"
HTTPS
"on"
HTTP_ACCEPT
"*/*"
HTTP_ACCEPT_ENCODING
"gzip, br, zstd, deflate"
HTTP_CONNECTION
"close"
HTTP_COOKIE
"PHPSESSID=ms957e23acoen0b7anjilc6ai9; care_did=46057722-f57d-447c-ac57-b5df55802411"
HTTP_HOST
"rct.dev.bbntimes.com"
HTTP_USER_AGENT
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY
"0"
PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY
"0"
PATH
"/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/snap/bin"
PHP_SELF
"/public/index.php"
PP_CUSTOM_PHP_CGI_INDEX
"plesk-php81-fastcgi"
PP_CUSTOM_PHP_INI
"/var/www/vhosts/system/rct.dev.bbntimes.com/etc/php.ini"
QUERY_STRING
""
REDIRECT_BASE
"/public"
REDIRECT_HTTPS
"on"
REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_REDIRECT_HTTPS
"on"
REDIRECT_REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_REDIRECT_SCRIPT_URI
"https://rct.dev.bbntimes.com/global-economy/does-the-federal-reserve-talk-too-much"
REDIRECT_REDIRECT_SCRIPT_URL
"/global-economy/does-the-federal-reserve-talk-too-much"
REDIRECT_REDIRECT_SSL_TLS_SNI
"rct.dev.bbntimes.com"
REDIRECT_REDIRECT_STATUS
"200"
REDIRECT_REDIRECT_UNIQUE_ID
"Z7nU-5DyWLT8YV1VjBpbNgAAAJE"
REDIRECT_SCRIPT_URI
"https://rct.dev.bbntimes.com/global-economy/does-the-federal-reserve-talk-too-much"
REDIRECT_SCRIPT_URL
"/global-economy/does-the-federal-reserve-talk-too-much"
REDIRECT_SSL_TLS_SNI
"rct.dev.bbntimes.com"
REDIRECT_STATUS
"200"
REDIRECT_UNIQUE_ID
"Z7nU-5DyWLT8YV1VjBpbNgAAAJE"
REDIRECT_URL
"/public/global-economy/does-the-federal-reserve-talk-too-much"
REMOTE_ADDR
"3.17.173.145"
REMOTE_PORT
"47320"
REQUEST_METHOD
"GET"
REQUEST_SCHEME
"https"
REQUEST_TIME
1740231931
REQUEST_TIME_FLOAT
1740231931.7291
REQUEST_URI
"/global-economy/does-the-federal-reserve-talk-too-much"
SCRIPT_FILENAME
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
SCRIPT_NAME
"/public/index.php"
SCRIPT_URI
"https://rct.dev.bbntimes.com/global-economy/does-the-federal-reserve-talk-too-much"
SCRIPT_URL
"/global-economy/does-the-federal-reserve-talk-too-much"
SERVER_ADDR
"5.196.1.209"
SERVER_ADMIN
"[no address given]"
SERVER_NAME
"rct.dev.bbntimes.com"
SERVER_PORT
"443"
SERVER_PROTOCOL
"HTTP/1.1"
SERVER_SIGNATURE
"<address>Apache Server at rct.dev.bbntimes.com Port 443</address>\n"
SERVER_SOFTWARE
"Apache"
SSL_TLS_SNI
"rct.dev.bbntimes.com"
SYMFONY_DOTENV_VARS
"APP_ENV,APP_SECRET,DATABASE_URL,MARIADB_PASSWORD,CORS_ALLOW_ORIGIN,MAILER_DSN,GOOGLE_RECAPTCHA_SECRET_KEY,GOOGLE_RECAPTCHA_SITE_KEY"
UNIQUE_ID
"Z7nU-5DyWLT8YV1VjBpbNgAAAJE"

Sub Requests 6

CookieController :: renderAnalysis (token = d4d95f)

Key Value
_controller
"App\Controller\CookieController::renderAnalysis"
_format
"html"
_locale
"en"
_stopwatch_token
"b181c1"

AppController :: renderHeader (token = 3431fa)

Key Value
_controller
"App\Controller\AppController::renderHeader"
_format
"html"
_locale
"en"
_stopwatch_token
"fddced"
slug
"home"

ArticleController :: trendingArticle (token = 83e06c)

Key Value
_controller
"App\Controller\ArticleController::trendingArticle"
_format
"html"
_locale
"en"
_stopwatch_token
"9c1c9e"
category
"Global Economy"

ArticleController :: relatedArticles (token = 7e1422)

Key Value
_controller
"App\Controller\ArticleController::relatedArticles"
_format
"html"
_locale
"en"
_stopwatch_token
"5e49f4"
current_article
App\Entity\Article {#1094
  -id: 4055
  -title: "Does the Federal Reserve Talk Too Much?"
  -slug: "does-the-federal-reserve-talk-too-much"
  -introtext: "<p class="p1"><span class="s1" style="color: #000000;">For a long time, the Federal Reserve (and other central banks) carried out monetary policy with little or no explanation. The idea was that the market would figure it out. But in the last few decades, there has been an explosions of communication and transparency from the Fed (and other central banks), consisting both of official statements and an array of public speeches and articles by central bank officials. On one side, a greater awareness has grown up that economic activity isn't just influenced by what the central bank did in the past, but on what it is expected to do in the future. But does the this "open mouth" approach clarify and strengthening monetary policy, or just muddle it?</span></p>\r\n"
  -content: """
    \r\n
    <p class="p1"><span class="s1" style="color: #000000;"><span style="color: #808080;"><a style="color: #808080;" href="https://research.stlouisfed.org/publications/review/2019/02/14/gauging-market-responses-to-monetary-policy-communication"><span class="s2">Kevin L. Kliesen, Brian Levine, and&nbsp;Christopher J. Waller present some evidence on the changes in Fed communication and the results in "Gauging Market Responses to Monetary Policy Communication,"</span></a>&nbsp;</span>published in the Review of the Federal Reserve Bank of St. Louis (Second Quarter 2019, pp. 69-92). They start by describing the old ways, by quoting an exchange between John Maynard Keynes and Bank of England Deputy Governor Sir Ernest Harvey on December 5, 1929:</span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">KEYNES:&nbsp;<i>Arising from Professor Gregory's questions, is it a practice of the Bank of England never to explain what its policy is?</i></span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">HARVEY:&nbsp;<i>Well, I think it has been our practice to leave our actions to explain our policy.</i></span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">KEYNES:&nbsp;<i>Or the reasons for its policy?</i></span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">HARVEY:&nbsp;<i>It is a dangerous thing to start to give reasons</i>.</span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">KEYNES:&nbsp;<i>Or to defend itself against criticism?</i></span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">HARVEY:&nbsp;<i>As regards criticism, I am afraid, though the Committee may not all agree, we do not admit there is a need for defence; to defend ourselves is somewhat akin to a lady starting to defend her virtue.</i></span></p>\r\n
    <p class="p1"><span class="s1" style="color: #000000;">From 1967 to 1992, the Federal Open Market Committee released a public statement 90 days after its meetings. The FOMC then started, sometimes, releasing statements right after meeting. Here's a figure showing how the length of these statements has expanded over time, with the shaded area showing the period of&nbsp;<a style="color: #000000;" href="http://conversableeconomist.blogspot.com/2018/11/why-quantitative-easing-will-return.html"><span class="s2">"unconventional monetary policy"</span></a>&nbsp;during and after the Great Recession.</span></p>\r\n
    <p><span style="color: #000000;"><img src="https://research.stlouisfed.org/publications/images/uploads/2018/Kli19Q1Fig1_20180829040427.jpg" alt="" width="400" height="138" /></span></p>\r\n
    <p class="p1"><span class="s1" style="color: #000000;"><br />As one example, </span></p>\r\n
    <p class="p1"><span class="s1" style="color: #000000;">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;F<span class="s1" style="color: #000000;">ollowing the August 9, 2011, meeting, the policy statement stated the following:</span><br /></span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">"The Committee currently anticipates that economic conditions—including low rates of resource utilization and a subdued outlook for inflation over the medium run—are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013."</span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">In this case, the FOMC's intent was to signal to the public that its policy rate would remain low for a long time in order to spur the economy's recovery.</span></p>\r\n
    <p class="p1"><span class="s1" style="color: #000000;">Here's count of the annual "remarks" (speeches, interviews, testimony) by presidents of the regional Federal Reserve banks, members of the Board of Governors, and the chair of the Fed:</span></p>\r\n
    <p><br /><span style="color: #000000;"><img src="https://research.stlouisfed.org/publications/images/uploads/2018/NEWFig3_20180830111845.jpg" alt="" width="400" height="144" /></span><br /><br /></p>\r\n
    <p class="p1"><span class="s1" style="color: #000000;">Here are some comments about the Fed communication:</span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">"Speeches have become important communication events. Chairman Greenspan's new economy speech in 1995 and his "irrational exuberance" speech in 1996 were among his more notable speeches. Chairman Ben Bernanke also gave notable speeches during his tenure. Two that standout are his "Deflation: Making Sure 'It' Doesn't Happen Here" speech in 2002 and his global saving glut speech in 2005. ...</span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">One of the key communication innovations during the Bernanke tenure was the public release of individual FOMC participants' expectations of the future level of the federal funds rate. Once a quarter, with the release of the SEP [Summary of Economic Projections], each FOMC participant—anonymously—indicates their preference for the level of the federal funds rate at the end of the current year, at the end of the next two to three years, and over the "longer run." These projections are often termed the FOMC "dot plots." According to the survey, both academics and those in the private sector found the dot plots of limited use as an instrument of Fed communication (more "useless" than "useful"). One-third of the respondents found the dot plots "useful or extremely useful," 29 percent found them "somewhat useful," and 38 percent found them "useless or not very useful." ...</span></p>\r\n
    <p class="p2" style="padding-left: 30px;"><span class="s1" style="color: #000000;">We find that Fed communication is associated with changes in prices of financial market instruments such as Treasury securities and equity prices. However, this effect varies by type of communication, by type of instrument, and by who is doing the speaking. Perhaps not surprisingly, we find that the largest financial market reactions tend to be associated with communication by Fed Chairs rather than by other Fed governors and Reserve Bank presidents and with FOMC meeting statements rather than FOMC minutes.</span></p>\r\n
    <p class="p1"><span class="s1" style="color: #000000;">It's probably impossible for a 21st century central bank to operate with what used to be an unofficial motto attributed to the long-ago Bank of England:&nbsp;"Never explain, never apologize." Just for purposes of political legitimacy, and for maintaining the independence of the central bank, a greater degree of transparency and explanation is needed. But if the choice is between the risk of&nbsp; instability from financial markets making predictions in a situation of very little central bank disclosure, or the risk of instability from financial markets making predictions in a situation with the current level of central bank disclosure, the current level seems preferable. The authors write:</span></p>\r\n
    <p class="p2"><span class="s1" style="color: #000000;">The modern model of central bank communication suggests that central bankers prefer to err on the side of saying too much rather than too little. The reason is that most central bankers believe that clear and concise communication of monetary policy helps achieve their goals.</span></p>\r\n
    <p><span style="color: #000000;">A version of this article first appeared on <a href="http://conversableeconomist.blogspot.com/2019/05/does-federal-reserve-talk-too-much.html" target="_blank" rel="noopener">Conversable Economist</a>.&nbsp;</span></p>
    """
  -user: Proxies\__CG__\App\Entity\User {#1092 …}
  -createdAt: DateTime @1558032728 {#1145
    date: 2019-05-16 18:52:08.0 UTC (+00:00)
  }
  -updatedAt: DateTime @1558032883 {#1150
    date: 2019-05-16 18:54:43.0 UTC (+00:00)
  }
  -deletedAt: null
  -category: App\Entity\Category {#445 …}
  -status: "published"
  -imageCard: Proxies\__CG__\App\Entity\File {#1184 …}
  -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …}
  -featured: false
  -mainView: false
  -clicks: 4864
  -comments: Doctrine\ORM\PersistentCollection {#1125 …}
  -reviewed_at: DateTime @1558032725 {#1148
    date: 2019-05-16 18:52:05.0 UTC (+00:00)
  }
  -metakey: ""
  -metadesc: "For a long time, the Federal Reserve (and other central banks) carried out monetary policy with little or no explanation. The idea was that the market would figure it out. But in the last few decades, there has been an explosions of communication and transparency from the Fed (and other central banks), consisting both of official statements and an array of public speeches and articles by central bank officials. On one side, a greater awareness has grown up that economic activity isn't just influenced by what the central bank did in the past, but on what it is expected to do in the future. But does the this "open mouth" approach clarify and strengthening monetary policy, or just muddle it?"
  -robots: null
  -publishedAt: DateTime @1558032725 {#1147
    date: 2019-05-16 18:52:05.0 UTC (+00:00)
  }
  -canonical: null
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}

AppController :: renderFooter (token = e071c0)

Key Value
_controller
"App\Controller\AppController::renderFooter"
_format
"html"
_locale
"en"
_stopwatch_token
"59e441"

CookieController :: renderCookie (token = 272d66)

Key Value
_controller
"App\Controller\CookieController::renderCookie"
_format
"html"
_locale
"en"
_stopwatch_token
"241e0b"