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Econ Focus cover photo
Dec. 19, 2022

Richmond Fed Looks at Forward Guidance

Fed Chair Jerome Powell recently indicated that the Federal Open Market Committee would refrain from providing detailed signals of the likely future path of monetary policy. Such statements, known as “forward guidance,” have been a staple of Fed communications for more than a decade. Where did forward guidance originate, and why? And does this latest move indicate that the Fed is retiring the tool for good, or simply that it’s unsuited to the current economic environment? The latest issue of the Richmond Fed’s Econ Focus magazine looks at what forward guidance, or the absence of it, means for monetary policy.

Also in this issue:

  • Job mobility during and after the pandemic. Prior to COVID-19, labor mobility had been drifting downward for decades. This changed during the pandemic, with workers changing jobs more frequently. Is this new trend a cause for hope — or concern?
  • Maggie Walker, banking pioneer. Born in Richmond during the Civil War, Maggie Walker was the first Black woman to establish and become president of a bank. She steered it safely through periods of national economic turmoil.
  • The CFO Survey. Every quarter, The CFO Survey — a joint project of the Richmond Fed, the Atlanta Fed and Duke University’s Fuqua School of Business — collects the economic perspectives of chief financial officers and other financial leaders throughout the United States.
  • Expanding credit access through CDFIs. Community Development Financial Institutions, or CDFIs, are working to close gaps in credit access for individuals and small businesses.
  • Interview. University of Chicago and Hoover Institution economist Steven Davis on remote work, changes in recruiting and business startups after the pandemic.
  • More. Coverage of other economic issues affecting the Fifth Federal Reserve District and the nation.

For a free print subscription to Econ Focus, the economics magazine of the Richmond Fed, or for copies, sign up or call (800) 322-0565. Sign up for a free email subscription. The articles also are available online.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.


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