In light of recent research findings, Michael J. Dueker and Andreas M. Fischer review the 1996 policy posture of the Federal Open Market Committee (FOMC), the monetary policymaking body of the Federal Reserve System. They find several areas in which the FOMC's policy positions were consistent...

This analysis examines how expectations of market participants about future Federal Open Market Committee policy actions have changed over the period since 1989, during which the FOMC made a sequence of changes to improve the transparency of monetary policy.

Presentation to the Ozark Chapter of the Society of Financial Service Professionals, Springfield, Mo., Oct. 6, 2004