The Fed still struggling to get its story straight

Clearer policy: A man watches as Powell is seen delivering remarks on a screen in New York. There’d be less confusion and less delay in adjusting policy if the Fed stops organising its announcements around a projected path for its policy rate. — Reuters

MUCH as I sympathise with the Federal Reserve (Fed) as it grapples with an economy in extremely trying circumstances, I believe it could be doing better in one crucial respect: helping financial markets to align their expectations with its thinking.

Analysts could be forgiven for saying that the Fed just aligned itself with them, rather than the other way around.