What's the point of the Fed discussing possible increases in short-term interest rates?
David Wessel, director of The Hutchins Center on Fiscal and Monetary Policy, offers his thoughts on why it's important. He writes:
The economy as a whole benefits when the Fed shares its thinking about the economy and its strategy for interest rates. But there’s little to be gained from the Fed attempting to pinpoint the timing of each future interest-rate move–and the rest of us shouldn’t expect it to do so.
Read Wessel's thoughtful piece to understand the Fed's power.