How Should the Federal Reserve Engage With the Public?
As populism rises, some central bankers are experimenting with new ways to communicate, from town halls to video
By Gillian Tett
On February 5, the US Federal Reserve posted an unusual video on its website. It showed Jay Powell, the central bank’s newly installed chairman, staring straight into the camera while “introducing” himself to the American people.
“Hello, this is Jay Powell,” he began, in a style that was very informal by the stuffy standards of the Fed (never mind that he was clearly reading from a teleprompter, wearing a suit and sitting rather stiffly in front of an American flag).
This kind of video might not seem particularly revolutionary. These days, politicians and chief executives are constantly being pulled in front of a camera to speak directly to the public. Fed luminaries such as Janet Yellen, Ben Bernanke and Alan Greenspan have given plenty of public speeches that have been filmed and posted on YouTube.
Before Powell arrived, though, no Fed governor had ever used video to talk directly to the American people. This move not only reflects Powell’s no-nonsense style but highlights a debate raging around the Fed and other central banks: how should they…
