It is highly desirable that policy practice be formalized to the maximum possible extent,

It is quite clear that the markets understand Fed policy to a much better extent than before.

It is quite clear that the markets understand Fed policy to a much better extent than before. My own view is that the market's improved understanding, and the Fed's efforts to improve clarity of monetary policy decisions, has much to do with the economy's improved stability.

At a minimum, the (Fed's policy panel) can and should aspire to policy statements that are clear and do not themselves create uncertainty and ambiguity,

My personal experience is that I find it exceedingly difficult to predict how people will interpret policy actions and the nuances of the press release.

It will be in the interest of future Fed chairmen to commit to pursue policy regularities that work well,