Federal Reserve Vice Chair Stanley Fischer speaking: the topic is 'Monetary Policy Communication'

  • Says talk of balance sheet reduction not likely to prompt market disturbance
  • Says factors that exacerbated 2013 'taper tantrum' are less pronounced today
  • Central banks should try to avoid surprises in conduct of policy
  • Economic shocks should boost Fed's uncertainty on monetary policy path
  • Fed economic forecasts are useful, but only a starting point for discussions on rate policy

Headlines via Reuters

The long version of the headline:

"My 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,"

Full text: Monetary Policy Expectations and Surprises

more to come