An open book

Question: How has the Fed's increasing transparency benefitted investors?

R.J. Gallo: The Fed has shifted to an ultra transparent method of implementing monetary policy. The theory is that if you communicate with the market what you as a policymaker think is the appropriate path for monetary policy, then the markets can adapt and incorporate those expectations into market prices. That's the change for investors. You don't have to wait to see what the Fed does at each meeting. What you have to do is you have to understand what the Fed is telling you they plan on doing at their meetings.