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Those men were convinced that the central bank needed to be a vault. Secrecy, they felt, was vital for the Fed to fulfill its dual mission of controlling inflation while maximizing employment. A best-selling 1989 book about the Fed was titled "Secrets of the Temple." Things started to change slowly under Chairman Alan Greenspan, then faster under Bernanke, who's made transparency at the Fed a priority. Bernanke holds quarterly news conferences to answer questions about the Fed's policymaking. In January, the Fed began publishing forecasts of where its policymakers expect short-term interest rates to be in coming years. And beginning next week, Bernanke, a Princeton economics professor before coming to Washington, will deliver four lectures at George Washington University on the history of the Fed and its response to the financial crisis. The Fed's tweets will be prepared by the staffers in the Fed's Public Affairs Office who also maintain the Fed's website. Economists on Wall Street and in academia who follow the Fed's communications took the Twitter announcement in stride. "This is just another way the Fed is trying to direct people's attention to what they are doing," said Brian Bethune, an economics professor at Amherst. Bethune, who does not tweet, says he will keep following the Fed on its website.
[Associated
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