The Spectacle Blog

Devalued Reserve

By on 11.19.07 | 11:10PM

Beginning today (Tuesday) the Federal Reserve loses its customary reserve and joins the ranks of plain prognosticators. It will forecast the basic economiic measures of the economy: GDP, rate of inflation, unemployment, etc. It will do this not once but four times a year, with estimates going out for three years from the forecast time.

In short, what had been valued for its rarity and remoteness becomes another bunch of the boys, predictors in the dismal science, the mystery and thus the power stripped away.

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