the release of the minutes, specifically to publish them before the next fomc meeting. currently, the private reaction to the release of the minutes is muted, given that an intervening fomc meeting and policy decision have occurred. if the release of the minutes, instead, came before the next meeting, then market participants would be more likely to react to two sources of information for each single meeting - - first to the statement that immediately followed the policy action and then, some weeks later, to the minutes. the minutes should simply deepen and expand the rationale for a policy decision that was already given in the statement released immediately after the meeting. they might also indicate the existence and strength of contrary views. at the margin, some of this might be additional information. however, there is a risk that even such a marginal expansion of information could receive more weight than it warranted and foster misperceptions about the possible course of policy. such misperceptions might result from a market misinterpretation of any one element of these minutes, which in turn could lead to an inappropriate reaction to incoming data. additionally, minutes are not new information about the performance of the economy. i believe that markets and policymakers are both best served if markets focus on, and react to, incoming data and the evolving outlook rather than the printed record of a past meeting released during the intermeeting period having limited, if any, predictive value for the upcoming meeting. conclusion in conclusion, central bank transparency is obviously beneficial, and i strongly welcome the recent trend across the globe toward greater openness. transparency supports central bank independence and helps markets formulate policy expectations that are more consistent with the monetary authority ’ s intentions. i am pleased that the federal reserve has increased its transparency and am proud that i had the opportunity to contribute to some elements of that improvement. central banks should continue to thoughtfully consider proposals to increase transparency. openness is intended to serve two goals - - accountability and effectiveness of policy. any proposal for greater transparency should be judged by how well those objectives are met. our goal at the federal reserve regarding monetary policy transparency is to provide as much information as possible to understand the decisions that we have made. some recent suggestions - - including the quantification of objectives, the publication of forecasts, and the earlier release of minutes - - present problems in that they could well detract from our ability to achieve our externally defined goals. while, on balance, i do not

, 000. 9 the high college dropout rate thus suggests that many students could benefit from more information about what is required for college success. of course, it ’ s not enough to simply prescribe what students need to know ; we must also help them learn it. this points to the value of improving the effectiveness of the k - 12 portion of our education system. while that subject is beyond the scope of this talk, i applaud the ongoing efforts here in north carolina and across the country to increase student achievement and close the gaps between students of different backgrounds. the national center for education statistics defines college completion as earning a bachelor ’ s degree within six years of matriculating. graduation rates are calculated according to where students started as full - time, first - time students. transfer students and students who return to college after an absence are not included. accenture and the manufacturing institute, 2014 manufacturing skills and training study, january 2015. for example, see r. jason faberman and bhashkar mazumder, “ is there a skills mismatch in the labor market? ” chicago fed letter no. 300, july 2012. see christopher avery and sarah turner, “ student loans : do college students borrow too much — or not enough? ” journal of economic perspectives, winter 2012, vol. 26, no. 1, pp. 165 – 192. bis central bankers ’ speeches i also believe we should supplement information about college preparedness with information about other career and postsecondary education options. community colleges, for example, are a venue where students can learn more about their interests and aptitudes and hone the skills that are required for success at four - year schools. moreover, there are a range of other post - high - school educational institutions that can help students acquire the skills they need to succeed without a college degree. one factor in the high school dropout rate may be the increasing focus of many high schools on college preparation. some students, however, may not wish to attend college or may see large barriers to doing so. if these students believe that the only reason to complete high school is to attend college, they might not see much value in doing what ’ s required to graduate. learning about alternative career and educational opportunities that also require a high school degree could increase the perceived value of high school completion and improve their labor market outcomes relative to dropping out. 10 on the other hand, we can do more to ensure that well - qualified students don