Former chairman of the US Federal Reserve Alan Greenspan once boasted to Businessweek that he would always aim to conclude a sentence “in some obscure way which made it incomprehensible”. He was prone to “mumble with great incoherence”. And to the army of analysts who pored over Fed-speak with exegetical excitement, he warned: “If I seem unduly clear to you, you must have misunderstood what I said.”
The times have changed. Until 1994 the Fed did not even immediately announce the deliberations of the interest-rate-setting Federal Open Markets Committee.
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