One of the proposals coming from Republican congressmen and senators in 2010 was the idea that the Federal Reserve should dramatically increase the transparency of monetary policy. The idea was for the Fed to explain exactly what it intends to do concerning interest rates and then do it. The FOMC announcement about the direction of monetary policy is couched in vague words, called “Fedspeak,” that are subject to different interpretations. Suppose that the Fed was required to be completely transparent in its policy decisions using precise language and then was required to implement the policy unambiguously. If the rational expectations model has validity, what would happen to the speed at which the economy adjusts correctly to changes in monetary policy?