Once the most secretive of institutions, the Federal Reserve is grappling with the impact of its efforts this year to be more open about monetary policy.

"I think the Fed's communications strategy has yet to catch up with the increased openness," said Nicholas S. Perna, an economist at Fleet Boston Corp. "We may see more measured words for a while."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.