"Proceedings from the 2022 Hoover Institution monetary policy conference examine recent inflation in the wake of fiscal and other shocks and measures by the Federal Reserve intended to counter inflation."

This paper studies the effects of FOMC communication on U.S. financial markets’ returns and volatility using a GARCH model over the period from 1998 to 2006. We build a new data set that includes information on all FOMC speeches, post-meeting statements, monetary policy reports and...