Is The Federal Reserve Board Dissing Regional Banks on Twitter?
Pedro da Costa asks:
For a central bank that prides itself on transparency, the Federal Reserve remains cautious about adopting new ways of communicating its message. The Fed’s Washington-based board was a latecomer to Twitter. Its first tweet was dated March 14, well after its regional Fed counterparts.Interesting. I could see why the Board might diss Richmond but Kansas City? I don't get it.
Perhaps more tellingly, the @FederalReserve account follows most – but not all – regional Fed accounts. Of the 12 district banks, only the two most hawkish (and therefore likely to oppose the Fed’s unconventional monetary policy) are missing: Richmond and Kansas City. In fairness, the board does follow the Dallas and Philadelphia Feds. Its presidents, Richard Fisher and Charles Plosser, have also criticized Fed purchases of government and mortgage bonds, known as quantitative easing or QE.
Are we reading too much into this? Probably. It is just a little bit curious? We think so.
More obvious, the Fed Board Twitter account continues to diss yours truly, but with tweets like this, I can see why they're ignoring me:
Oh well, their loss.