The Fed's Next Move Might Be Almost Certain—But Here's How the Post-Meeting Comments Can Move Markets

That's one of the conclusions of a paper by researchers at the Federal Reserve Bank of San Francisco who studied what happens when officials at the Federal Reserve say something surprising in their official policy statements, or in the Fed chair's traditional post-meeting press conference. "Monetary policy news from press conferences—whether in isolation or in conjunction with the news in the associated statement—is a particularly important source of information, with strong effects on Treasury yields and p ...