Chairman argues forward guidance pullback appropriate in benign conditions versus crisis mode; transition needed.

Offering forward guidance with clarity as if we're tying our own hands behind our back. When crisis mode, that strikes me as a very prudent policy. But in more benign conditions, it strikes me as worth revisiting. But markets and market participants and reporters have learned to devour all that information. So I take seriously that the pullback of forward guidance requires some transition. Reform isn't easy, but our general judgment is going to help us make better decisions and in so doing satisfy our remit. Thank you.