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Listened to several speeches from Bord of Governers in the last year. One thing they have reapeatedly indicated was that trying to speak and act in a way that keeps the stock market calm makes communication and governance almost impossible. Their job is managing the macro economy, not insuring short term profits for wall street. The more they shock wall street with reasonable policy disscussion the more wall street will be able to cope with the feds attempts to influence the economy. I haven't heard a speech or discussion with a fed big wig where this wasn't an issue that was emphisized.