The article explores how central banks like the Federal Reserve in the US announce their interest rate targets to control the economy. By publicly disclosing their policies, central banks aim to better manage short-term interest rates and influence long-term rates by shaping expectations. The study focuses on the impact of the Federal Reserve's 1994 decision to announce its target federal funds rate. Researchers investigate how this change affected the central bank's ability to control short-term rates and the behavior of longer-term interest rates. The findings suggest that public announcements of policy targets can enhance a central bank's ability to influence the economy through communication and enforcement of desired interest rate levels.