The Fed's policy statements grew so complicated after the recession that st...
WASHINGTON - The Fed’s policy statements grew so complicated after the recession that standard gauges of readability suggested people needed four years of university or more to understand them.
While experts say more clarity might help reduce financial market volatility, some of Powell's comments appeared to have had an opposite effect, a sign being plain-spokenIn January, readers needed about three years of college to easily parse the Fed’s policy statement, according to the Reuters analysis, which used a standard readability index known as the Flesch-Kincaid grade-level formula.
Under Powell, that average has eased to about 15, above a high-school reading level but close to scores from before the recession. Calomiris stressed, however, that deciphering market movements and measuring what role recent changes in Fed’s language played was a complex task. Some researchers are trying to do this by counting word combinations associated with tighter or looser monetary policy. This research has focused on larger collections of texts, such as policy meeting minutes and speeches by central bankers.
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