Top officials have had to rely increasingly on speeches - not always successfully - to convey to financial markets how they intend to manage their economies. "A new policy regime characterized by jawboning is now here," said Eric Green, economist at TD Securities. "Policy is more constrained and more accommodation increasingly problematic in scope and complexity."


This transparency thing is completely new to the Fed. They are making it up as they go along, and they're confusing people," said Steve Wyatt, a professor of finance at Miami University's Farmer School of Business. A string of Fed officials, including Bernanke, will speak at public appearances this week - so investors could be in for another rollercoaster.

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