Ben Bernanke's debut on Capitol Hill this week will provide the first glimpse of the more transparent approach that he intends to take as chairman of the Federal Reserve.
A host of Fed watchers expect more plain language from the new Fed chairman, in contrast to the Delphic approach of his predecessor, Alan Greenspan.
Reflecting his belief that the Fed should provide more quantitative guidance to market participants, Mr Bernanke is also expected to place much greater emphasis on the consensus forecasts of the Federal open market committee (FOMC) members.
But it is unlikely that Mr Bernanke will provide much more detail on the likely course for the federal funds rate.
He will be speaking on behalf of the whole committee, and although the need for further rate increases is a matter of debate, the view that decisions will be data-dependent is unanimous.
The FOMC said after its January meeting, at which it raised rates in the 14th consecutive step to 4.5 per cent, that "some further policy firming may be needed" to keep the risks to growth and inflation in balance. Futures markets are pricing in another increase at Mr Bernanke's first meeting as chairman, in March, to 5 per cent, and a good chance of another increase in May.
