William Poole Policy Quotations

My personal experience is that I find it exceedingly difficult to predict how people will interpret policy actions and the nuances of the press release.

It is highly desirable that policy practice be formalized to the maximum possible extent,

We should not just be on auto pilot, ... Policy is and should be responsive to incoming data. We need to be open to reading that evidence, not just continuing a policy course that we thought we locked in.

At a minimum, the (Fed's policy panel) can and should aspire to policy statements that are clear and do not themselves create uncertainty and ambiguity,

It will be in the interest of future Fed chairmen to commit to pursue policy regularities that work well,

It is quite clear that the markets understand Fed policy to a much better extent than before.

How long it takes to unwind from all of that, I don't know, but it ought not to be viewed as an objective of monetary policy to try to stabilize price fluctuations of that sort,