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

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.

The market has a high degree of confidence the Fed will avoid

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,

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