The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

Not all information is beneficial.

If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.

Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.

I am confident that we will meet whatever challenges the future may bring.

The more important reason is that the research itself provides an important long-run perspective on the issues that we face on a day-to-day basis.