The Fed’s biggest challenge this year: Learn to speak in English

After quickly reversing the direction of monetary policy by cutting short-term rates three times and expanding its balance sheet in 2019, the Federal Reserve is not likely to change its policies very much this year, says Lou Crandall, chief economist at Wrightson ICAP and the winner of the Forecaster of the Month contest for December.

But that doesn’t mean the Fed is complacent or satisfied with how it tries to manage the economy, Crandall says. One big challenge is to explain their actions in plain English.