Federal Reserve Chair Janet Yellen gave an interview to the New Yorker, and any time such exclusive access is given, the questions go beyond just what was said.
They invariably include whether there are some hidden clues about future policy as the reason for granting the interview at all—and even whether there's some message in the particular outlet that was chosen.
Such was the case in March 2009 when then-Fed chairman Ben Bernanke sat for a rare "60 Minutes" interview with his first term expiring and no nomination pending for a second term. With the Fed enduring withering criticism of its then-novel bond-buying and zero-interest rate policies, it seemed clear that Bernanke chose the outlet best-suited to respond to the broadest audience (and maybe help Bernanke win a second nomination).
So what's Yellen's game in offering the New Yorker interview?
There was little in the way of new policy pronouncements. She put in her own words a key part of the policy statement that the Fed would keep interest rates lower for longer. "…Even when the headwinds have diminished to the point where the economy is finally back on track, and it's where we want it to be, it's still going to require an unusually accommodative monetary policy,'' she said.