For Janet Yellen, during her somewhat brief single term, she never made the same kind of effort as Ben Bernanke had. Her immediate predecessor, Bernanke, wanted to make the Federal Reserve into what he saw as the 21st-century central bank icon. Monetary policy wouldn’t operate on the basis of secrecy and ambiguity. Transparency became far more than a buzzword.

Way back in 2012, under Bernanke’s direction officials, would finally admit to an explicit 2% inflation target for the PCE Deflator. There would be regular press conferences when it would be expected all Chairman present and future should explain themselves in plain language. The Federal Reserve was going to really become your Federal Reserve.

While that was the fuzzy, warm feelings end of it in truth the pendulum was swinging for very different reasons. Traditionally, a central bank stayed in the dark because it didn’t need nor want the publicity. If it was operating in the market at any given time, it could be taken the wrong way. A liquidity problem arose, they fixed it before anyone knew they solved the matter or that there was a matter to solve.

Back then, though, there was actual money in monetary policy. Money did the talking in place of talk. Today, central banks aren’t banks at all; they are pop psychologists playing the role of hand holder. This is a very different set of circumstances, this expectations management. Thus, what matters is not what a central bank does in markets, it doesn’t really do much, rather what does matter (to Economists) is how you think of it.

Therefore, if central bankers provide an optimistic baseline and forecast assessment, then whatever they might be doing (or not doing) today is thought to be grounded in that official characterization. You needn’t worry because they aren’t – and they are going to give you all the reasons why so you can be overly assured.

It is the modern doctrine of “trust us.” This isn’t evolution, however, it is very clear devolution.