At the Istanbul Economic Forum, Central Bank of the Republic of Türkiye, Istanbul, Türkiye Thank you to the Central Bank of Türkiye for the opportunity to speak to you. 1 I look forward today to hearing perspectives on the global economy and Türkiye's role in it, but I thought the most constructive use I can make of the valuable time you have granted me is to offer a brief update on the U.S. economy and then offer some thoughts on central bank communication. As you know, in September the Federal Open Market Committee (FOMC) voted to raise our policy rate 25 basis points to 3.75 percent to 4 percent after nine months during which we held it steady. When monetary policy changes in this fashion, one question that most people ask is, what comes next?
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