Some Federal Reserve statements on the economy aren't backed by enough numbers, which has many analysts and other market watchers nervous.
The Federal Reserve said in a recent statement announcing it was shuffling its Treasury portfolio that it was worried about "significant downside risks" and added again it was expecting "some pickup" in economic recovery and pointed out that unemployment rates would "only gradually" decline, Bloomberg reports.
Billions upon billions of dollars move on such statements, and many experts want more data.
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"The statement was both scary and confusing to many people," says Julia Coronado, chief North America economist BNP Paribas, according to Bloomberg.
"If there are significant downside risks, what are buying and selling bonds going to do? That isn’t clear to anybody but the most sophisticated bond investors."
(Getty Images photo)
Federal Reserve economists do produce a document every six months with detailed, numerical analyses, known as the Teal Book, and calls for the numbers included in the document to be made public are growing stronger.
"Just as the governors should have some accountability, the staff should have some accountability for its work," Alan Blinder, a former Fed vice chairman and now a Princeton University professor, tells Bloomberg.
"I have always argued that the staff forecast should be public."
Fed Chairman Ben Bernanke has been the target of criticism for the Central Bank's policies, and Republican presidential hopefuls especially want him gone.
"If they want to really change things, the first person to fire is Bernanke, who is a disastrous chairman of the Federal Reserve," Newt Gingrich said recently, according to Reuters.
"Bernanke has in secret spent hundreds of billions of dollars bailing out one group and not bailing out another group. I think it is corrupt and it is wrong for one man to have that kind of secret power."
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