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[³°Éô¥ê¥ó¥¯] Policy Expectations and Surprises
Vice Chairman Stanley Fischer
At the Columbia University School of International and Public Affairs, New York, New York

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¡ØI will address the topic of central bank communications, with a particular emphasis on those times when financial markets and the central bank have different expectations about what a central bank decision will be. Such situations lead to surprises and often to market volatility.¡Ù

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¡ØOf course, not all surprises are equal. For one, communications that shift or solidify expectations that are diffuse or not strongly held are less likely to be disruptive than communications that run counter to strongly held market beliefs. Further, there are worse things than surprises. The central bank must provide its views regarding the likely evolution of monetary policy, even when this view is not shared by market participants. A concern for surprising the market should not be a constraint on following or communicating the appropriate path of monetary policy. That said, there are good reasons to avoid unintended surprises in the conduct of policy.1¡Ù

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¡ØWhy should central banks avoid surprising financial markets? In recent decades, it has been increasingly acknowledged that monetary policy implementation relies importantly on the management of market expectations.2 ¡Ù

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¡ØIn theory, clarity about the central bank's reaction function--that is, how the central bank adjusts the stance of monetary policy in response to changing economic conditions--allows the market to alter financial conditions smoothly.¡Ù

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¡ØThis typically helps meet the bank's policy targets, with the result that the markets are working in alignment with the policymaker's goals. Under this theory, repeated market surprises that raise questions about the central bank's reaction function could threaten to disrupt the relationship between the central bank and the markets, making the central bank's job more difficult in the future.3¡Ù

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¡ØHow can the Fed avoid surprising markets? Clear communication of the Federal Open Market Committee's (FOMC's) views on the economic outlook and the likely evolution of policy is essential in managing the market's expectations. The Committee has a number of communication outlets, including the policy statement, the Chair's news conference, and the Summary of Economic Projections (SEP). The SEP in particular has been useful in providing information on policymakers' assessments of the potential growth rate of the economy and r*, the equilibrium real interest rate, both of which help guide the market's expectations of the eventual path of policy.¡Ù

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¡ØHowever, avoiding unintended market reactions has not always been easy. The example that immediately comes to mind is the taper tantrum of mid-2013. To recap, over the course of May and June in 2013, the yield on 10-year Treasury securities increased almost 1 percentage point amid increased market discussion of the eventual tapering of Fed asset purchases and some key communications on the topic (figure 1).4¡Ù

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¡ØIn a related argument, former Federal Reserve Board Governor Jeremy Stein gave an insightful speech in May 2014 addressing how diversity in market expectations could have contributed to the taper tantrum.8¡Ù

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¡ØJeremy pointed out that it is unhelpful to view the "market" as a single individual, a theme that has been explored by Hyun Song Shin of the Bank for International Settlements.9 Rather, the market is a collection of agents that can have widely divergent but perhaps strongly held beliefs at the individual level. Jeremy attributes the taper tantrum to the existence of highly leveraged quantitative easing optimists--in other words, individuals who expected the Federal Reserve to continue to accumulate assets much longer than the median expectation and who put little weight on the median market expectation.¡Ù

¡ØOnce Chairman Bernanke affirmed the median expectation, these optimists had to quickly unwind their trades, with consequent sharp movements in asset prices.¡Ù

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¡ØWhere does that leave us? The problem, to quote Jeremy at length, "is that in some circumstances there are very real limits to what even the most careful and deliberate communications strategy can do to temper market volatility. This is just the nature of the beast when dealing with speculative markets, and to suggest otherwise--to suggest that, say, 'good communication' alone can engineer a completely smooth exit from a period of extraordinary policy accommodation--is to create an unrealistic expectation."10¡Ù

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¡ØJeremy was speaking about ending the accumulation of assets onto the Fed's balance sheet. As reported in the minutes for the March 2017 meeting, the FOMC is now discussing a different inflection point, the phasing out of reinvestment and the shrinking of the balance sheet.11 Question: How concerned should we be about a repeat of the taper tantrum as we move through this new inflection point?¡Ù

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¡ØWe should start answering such a question by recognizing that there is always a chance of some market volatility. Nonetheless, we need to take into account that the New York Fed's Open Market Desk enhanced its information-gathering efforts after and, in part, as a response to the experience of the taper tantrum along two important dimensions.¡Ù

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¡ØIn contrast, the most recent primary dealer and market participant surveys, conducted prior to the March 2017 FOMC meeting, asked survey participants to indicate their view of their own uncertainty over several different aspects of policy.¡Ù

¡ØFor example, in addition to their point estimates, participants were asked to indicate the percent chance they assigned to the federal funds rate being at various levels when the FOMC first announces a change to the reinvestment policy. They were also asked to assign probabilities to different dates for the first announced change in reinvestment policy.¡Ù

¡ØWhy is this information important? To go back to Jeremy Stein's argument about the taper tantrum, Jeremy pointed out that market participants' expectations for tapering varied widely, but he conjectured that some of the participants were very certain in their expectations and that it was primarily their reaction that fueled the taper tantrum. When the surveys reported only point estimates, we had a measure of dispersion across market participants, but we were in the dark on how firmly held these beliefs were. By asking participants to provide a distribution of outcomes, we also obtained a measure of how certain they are of a particular outcome.¡Ù

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¡ØThe market reaction to the release of the minutes of the March 2017 FOMC meeting supports this interpretation of the interaction of uncertainty and Fed policy communications. The minutes reported that, "provided that the economy continued to perform about as expected, most participants anticipated that gradual increases in the federal funds rate would continue and judged that a change to the Committee's reinvestment policy would likely be appropriate later this year."14¡Ù

¡ØAs was shown in figure 5, in the March 2017 surveys, respondents placed the most weight, 71 percent for the primary dealers and 57 percent for the market participants, on an announced change in reinvestment policy not occurring until 2018 at the earliest. Presumably, the April survey will reveal a shift in these distributions.¡Ù

¡ØIt is noteworthy, however, that even though the statement in the minutes of the March FOMC meeting regarding Committee members' expectations for announcing changes in the reinvestment policy was not aligned with market expectations, there was only a muted market reaction.15 Perhaps in part, that is because the market participant survey actually revealed a considerable amount of weight, though not the majority, on an announcement occurring this year. Or it is also possible that the diffuse expectations on timing prior to the release of the minutes were a factor in tamping down market volatility as market participants adjust their expectations.16¡Ù

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¡ØMy tentative conclusion from market responses to the limited amount of discussion of the process of reducing the size of our balance sheet that has taken place so far is that we appear less likely to face major market disturbances now than we did in the case of the taper tantrum.¡Ù

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[³°Éô¥ê¥ó¥¯] of course, as we continue to discuss and eventually implement policies to reduce our balance sheet, we will have to continue to monitor market developments and expectations carefully.¡Ù

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[³°Éô¥ê¥ó¥¯] 19, 2017
International Effects of Recent Policy Tightening
Vice Chairman Stanley Fischer
At The IBRN-IMF conference: The Transmission of Macroprudential and Monetary Policies Across Borders, Washington, D.C.

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¡ØSpillovers from the Fed's Unconventional Policies¡Ù¤È¤¤¤¦¤Î¤¬ºÇ½é¤Ë¤¢¤ë¤¬·Ú¤á¤Ëή¤·¤Þ¤¹¡£

¡ØExtensive empirical research on spillovers--including by Federal Reserve and International Monetary Fund (IMF) staff members--indicates that spillovers from the actions of major central banks occur through several important channels.2¡Ù

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¡ØWhile the exchange rate is a key channel of transmission and gets a great deal of attention in the public debate about monetary spillovers, it is not the only channel.¡Ù

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¡ØU.S. monetary policy also affects foreign economies by influencing U.S. domestic demand and by affecting global financial conditions.¡Ù

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¡ØMy reading of the evidence is that the Fed's highly accommodative monetary policy during the Global Financial Crisis and its aftermath probably raised foreign gross domestic product (GDP) overall.3¡Ù

¡ØWhile U.S. monetary easing caused the dollar to depreciate, which reduced foreign GDP by shifting demand toward cheaper U.S. goods, foreign economies benefited from a stronger expansion in U.S. domestic demand. Moreover, U.S. monetary easing also stimulated foreign GDP by depressing foreign bond yields and raising the prices of risky assets.¡Ù

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¡ØOf course, there were considerable differences in how foreign economies were affected by the Fed's policies. Because the advanced foreign economies (AFEs) also experienced slow growth after the financial crisis, their central banks adopted similar policies. By contrast, the Fed's accommodative policies put further upward pressure on asset prices and currencies in some emerging market economies (EMEs) that were already experiencing rapid output growth.¡Ù

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¡ØThus, EME central banks had to navigate between tightening policy more--and hurting exports through a bigger exchange rate appreciation--and maintaining an accommodative stance closer to the Fed's, but with a higher risk of overheating.4¡Ù

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¡ØThese tradeoffs faced by EME central banks underscore some of the challenges posed by monetary policy divergence with the United States--a tradeoff with which I am personally very familiar.¡Ù

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¤ó¤Ç¤â¤Ã¤Æ¼¡¤Î¾®¸«½Ð¤·¤¬¡ØSpillovers from Recent Policy Tightening¡Ù¤Ç¤¢¤ë¡£

¡ØMonetary policy divergence remains a familiar theme today, but the focus has obviously shifted to the consequences of tighter U.S. monetary policy for the global economy.¡Ù

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¡ØPolicy divergence is an ongoing concern given that most AFEs and many EMEs have continued to pursue highly accommodative monetary policies that remain appropriate in light of their weaker cyclical positions and subdued levels of underlying inflation. Many observers point to the "taper tantrum" in 2013 as illustrating how monetary tightening by the Federal Reserve can potentially have strong contractionary effects on foreign financial conditions.¡Ù

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¡ØSubsequently, the expectation that a steadily improving U.S. labor market would call for tighter U.S. monetary policy--and hence imply greater monetary divergence with our trading partners--helped drive a sharp appreciation of the dollar between the middle of 2014 and the end of last year that was accompanied by capital outflows from many EMEs.¡Ù

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¡ØAgainst this backdrop and the concerns it raises, the reaction in financial markets to the FOMC's decisions to increase the target range for the federal funds rate following its December 2016 and March 2017 meetings--by a cumulative total of 50 basis points--seems benign. The yields on risky foreign bonds, especially in EMEs, have continued to decline to below historical norms, and global stock prices have risen. The dollar has depreciated since mid-December, especially against EMEs, and the EMEs have experienced capital inflows.¡Ù

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¡ØIn my view, this favorable reaction partly reflects a view by market participants that the rate hikes are a signal of the FOMC's confidence in the underlying prospects for the U.S. economy that in turn has increased confidence in the global outlook: A strong U.S. economy is a major plus for the global economy.¡Ù

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¡ØBut the main reason for the positive market reaction is that foreign output expansions appear more entrenched, and downside risks to those economies noticeably smaller than in recent years.¡Ù

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¡ØIn Europe, unemployment has fallen steadily; inflation and inflation expectations are moving toward central bank targets; and, while Brexit entails many unknowns, so far it has not resulted in significant financial market disruptions. China's economy also appears to be on a more solid footing, which has helped stabilize the renminbi as well as support growth in other EMEs.¡Ù

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¡ØThe IMF staff has taken these developments into account in the April 2017 World Economic Outlook (WEO) and forecasts that world GDP growth will be noticeably higher over the next two years than in 2016--a slight upward revision relative to the October 2016 WEO. There may well even be some chance that foreign economies kick into gear enough that U.S. and foreign business conditions become reasonably well aligned, as occurred during the U.S. monetary tightening cycles that began in 1999 and in 2004.¡Ù

¡ØIn both of those episodes, U.S. exports grew substantially against the backdrop of a brisk expansion in foreign activity and a stable or even slightly depreciating dollar.¡Ù

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¡ØOf course, it is hard to predict whether foreign economies continue to strengthen so that the global economy will move more in sync--as I hope--or if a substantial gap will remain between the business cycle positions of the United States and our foreign trading partners.¡Ù

¡ØHowever, even if monetary policy divergence remains substantial, there is good reason to think that spillovers to foreign economies will be manageable.¡Ù

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¡ØFirst, I expect that the Fed's removal of accommodation will be driven by a continued expansion of the U.S. economy; thus, foreign economies are likely to benefit from the developments that induce the FOMC to tighten.¡Ù

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¡ØSecond, most foreign central banks should be able to mitigate an undesirable tightening of their own financial conditions through appropriate policy actions. An important lesson of the taper tantrum was that effective communication and actions by major central banks, including the European Central Bank and the Bank of England, were helpful in quickly pushing bond yields down to levels that these central banks regarded as appropriate to their economic situation.¡Ù

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¡ØThird, many EMEs have markedly improved fundamentals--including smaller current account deficits and more anchored inflation expectations--that should allow them to better withstand the effects of U.S. tightening, though some vulnerabilities remain.¡Ù

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April 2017
Report prepared by a Study Group established by the Committee on the Global Financial System.
The Group was chaired by Sir Jon Cunliffe, Bank of England.

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