UBS' chief investment office said in a Wednesday report that a Federal Reserve
communication review announced in June could be among the most consequential
moves of the official leading it and may trigger a chain reaction in
interest-rate market volatility. The report said the Fed's dot plot previously
helped anchor near-term market expectations and that two decades of forward
guidance have reduced market volatility. UBS added the communication working
group will include University of Washington professor Peter Fisher and former
Bank of England official Mervyn King.
