Alan Greenspan, who served as Fed Chairman for almost 20 years, died last month at the age of 100. He was a talented and faithful public servant who guided U.S. monetary policy through the stock market crash of 1987, the boom years of the 1990s and the dot-com bubble. He was thoughtful and witty in his public comments. However, he seemed to regard a lack of clarity as almost a virtue. He inherited a Fed that had always been reticent to communicate and he largely maintained that cloak of secrecy.

The Fed Communications Debate: Bernanke Versus Warsh

Notes on the Week Ahead

Hello, and welcome to Notes on the Week Ahead, a J.P. Morgan Asset Management podcast that provides insights on the markets and the economy to help you stay informed in the week ahead. Hello, this is Dr. David Kelly. I'm Chief Strategist here at JPMorgan Asset Management. Today is July 13, 2026.

Alan Greenspan, who served as Fed Chairman for almost 20 years, died last month at the age of 100. He was a talented and faithful public servant who guided US monetary policy through the stock market crash of 1987, the boom years of the 1990s, and the dot-com bubble. He was thoughtful and witty in his public statements. However, he always seemed to regard a lack of clarity as almost a virtue. He inherited a Fed that had always been reticent to communicate, and he largely maintained that cloak of secrecy.

At one point, starved of information, CNBC started a briefcase indicator, in which the Federal Open Market Committee decisions would be predicted by the size of Greenspan's briefcase as he entered the meeting. A bulging bag suggested Greenspan would argue for a change in policy. A slim one indicated no change. However, as Greenspan later noted in his autobiography, the size of the bag largely depended on whether he packed a lunch for the day, considerably lessening its value as a predictor.

Ben Bernanke, his immediate successor, had great respect for Greenspan. In his statement on Greenspan's passing, he noted that we're still learning from him, even if he's no longer with us. However, Bernanke strongly believed that the Fed should be more transparent, and under his leadership the Fed added a number of innovations to explain Fed views and actions, a trend that was extended under both Chair Yellen and Chair Powell.

The Fed Communications Debate: Bernanke Versus Warsh

Read the full transcript

The candid version is on a podcast,
not the earnings call.

The Fed Communications Debate: Bernanke Versus Warsh

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.