The Federal Reserve speaks in mumbo jumbo. Here's how to fix that.

The benefits of giving the central bank a hard numerical target

We shouldn't have to read between the lines.
(Image credit: (Illustration by Lauren Hansen | Images courtesy FederalReserve.gov, iStock))

Markets heaved a sigh of relief of Tuesday, when Federal Reserve Chair Janet Yellen told the Senate that interest rate hikes probably wouldn't come until at least the latter part of 2015.

At least, that's what everyone decided Yellen said. Her actual remarks were a study in vagueness. The new market expectation of a rate hike in late fall is a guess, as was the previous expectation of a hike mid-year.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.