Federal Reserve to open up its secrecy

Federal Reserve Chairman Ben Bernanke moved to break down even further the aura of secrecy that historically has enshrouded the institution that sets interest rates, taking steps to keep Main Street and Wall Street more closely wired to decisions that can make or break lives and businesses

The time has come for the Fed to tell the country four times a year -- not twice -- what its projections are for the health of the economy. And when it gives that forecast, it will say what it thinks the business environment will be for the following three years -- not two.

These forecasts -- a kind of Fed report card to consumers and businesses -- will state the expected pace of economic growth, the anticipated unemployment rate and whatever policymakers can divine about inflation. However, the Fed also will say expressly -- and in unprecedented detail -- what the thinking of the policymakers was on a given issue and will furnish more details about whatever risks are in play.

Bernanke called the changes an "important advance" in the Fed's communications strategy.

The first expanded set of reconfigured projections will be released Tuesday at the same time the Fed turns loose to the public the minutes of the policymakers' October meeting

In 2008, the expanded projections will be published in the minutes released after the Fed's meeting on interest rates. The forecasts will be included in the minutes of the Fed meetings scheduled for January, April, June and October, Bernanke said. The projections will continue to be described in the Fed's twice a year economic report to Congress, he said.

Tracking the Dow On Friday 16/11/07

The market nearly got hammered again when Federal Reserve Gov. Randall Kroszner, who hinted that the central bank may not continue to lower interest rates, even if the economy worsens.Helping stocks higher was the energy sector, as crude prices climbed.

It's an erratic day again but since this is the last day of the Dow Index futures,the shorties have to rollover their final positions and buy up the market no matter how.The final 30 minutes of trading shows three powerful ascending soldiers with a small bullish candlestick close.The new index month will start with a brighter note.

On the economic front, industrial production suffered its biggest decline in nine months during the month of October, the Federal Reserve said Friday. The reading came in worse than expected.From the weekly chart,it can be inferred that the bulls are on hand as Friday spinning candlestick has set the stage for further rebound in weeks ahead.The 3 spinning candles are hovering within the long white bullish bar and Friday's position has penetrated the Main Pivot after completing the double bottom at the bearish Pivot.