Central Bank Communications | Steven Davis | Mary Daly, President of the Federal Reserve Bank of San Francisco | Hoover Institution

Mary Daly joins Steven Davis to discuss how the Fed communicates with the public about monetary policy. How precise should the Fed be about its actions and goals? How transparent about its reasoning and internal deliberations? How should the Fed weigh the need for flexibility in responding to unforeseen shocks against the desire for clarity and guidance? How can the Fed improve its communications? Mary and Steve also discuss the market’s reaction to Jerome Powell’s speech at the Jackson Hole Monetary Policy Symposium. RELATED SOURCES “Dynamic Central Bank Communication,” a speech by Mary Daly at the Western Economic Association International Annual Conference, San Francisco, 22 June 2025. “Monetary Policy and the Fed’s Framework Review,” a speech by Jerome Powell at the Jackson Hole Monetary Policy Forum, 22 August 2025. ABOUT ECONOMICS, APPLIED Economics, Applied brings together top leaders and researchers to break down key economic developments, offering evidence-based insights and practical lessons for navigating today’s economy. Economic change is constant. Subscribe to keep up: hoover.org/podcasts/economics-applied.