The Federal Reserve's “microphone”: Waller extended Walsh's analogy of “watching the ball, not keeping an eye on the Federal Reserve,” and used this statement to explain his communication ideas. He likened the central bank's policy response function to a good field for home run referees, saying that hitters and pitchers don't require any difference in good play; they only need to be generally clear, and maintain stability between sentences.

The Federal Reserve's “microphone”: Waller extended Walsh's analogy of “watching the ball, not keeping an eye on the Federal Reserve,” and used this statement to explain his communication ideas. He likened the central bank's policy response function to a good field for home run referees, saying that hitters and pitchers don't require any difference in good play; they only need to be generally clear, and maintain stability between sentences.