In other words, the Fed’s communication strategy is a mess, and cleaning it up is far more important than the exact timing of the FOMC’s decision to exit near-zero interest rates. After all, even after the Fed does finally make the “gigantic” leap from an effective federal funds rate of 0.13% (where it is now) to 0.25% (where is likely headed soon), the market will still want to know what the strategy is after that.
换句话说，美联储的沟通策略是个烂摊子，而理顺它远比搞清楚联邦公开市场委员会决定退出近零利率的确切时间更重要。毕竟，即使在美联储最终做出了将有效联邦基金利率从（目前的）0.13％调到（未来）0.25％的“重大“飞跃，市场仍想知道在此之后将是如何走向，而我担心的是大家还将继续蒙在鼓里。