An Ex-Fed Insider Tells You How to Decode the Central Bank’s Communications
Ellen Meade, who advised top officials, discusses the Fed’s challenges making itself clear at a time of wild economic crosscurrents
Ellen Meade, who left the Federal Reserve in 2021 after a career spanning 25 years there, played a key role behind the scenes helping officials think about how they communicate policy. She worked with former Vice Chair Stanley Fischer and was a special adviser to former Vice Chair Richard Clarida as the the central bank developed a new framework around average inflation targeting, announced in 2020. She also advised Chair Jerome Powell when he was a governor serving on the FOMC’s communications subcommittee.
Meade, 64, will join Duke University on July 1 as a research professor in the department of economics. Bloomberg News interviewed her by phone on May 12 about the history of Fed communications and some of the current dilemmas. This transcript has been edited for brevity and clarity.