There was a time, not so long ago, when the US Federal Reserve said very little about its policies; its leaders did their utmost to obfuscate rather than clarify. Those days are long gone.

Today, we are flooded with “Fedspeak”. Last week alone, 11 top Fed officials made 20 speeches. No wonder there is mounting concern about the risk that overcommunication poses to the well-functioning of financial markets, the efficient allocation of resources in the economy, and the stability of the global system.

Bloomberg Opinion