Abstract
This article is a reprint of a speech given by William Poole, president of the Federal Reserve Bank of St. Louis, to the St. Louis Gateway Chapter of the National Association for Business Economics. In today's environment economic uncertainties abound both abroad and at home. In this article the author discusses the five categories of uncertainty facing today's policymakers: 1) the data; 2) future events, shocks and disturbances; 3) how the economy works; 4) market reactions to Fed policy; and 5) market anticipations of Fed policy. Poole also discusses the Federal Reserve's role in dealing with each of these uncertainties and today's policy environment.
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