Abstract
We study 481 FOMC member speeches since 2007 delivered outside official press conferences. Using high-frequency data, we extract monetary policy surprises and measure each speech’s textual similarity to the preceding Chair press conference. Tightening surprises in these speeches have no significant effect on inflation expectations or stock prices on average. However, speeches closely aligned with the Chair reinforce policy signals by raising short-term yields and lowering inflation expectations and stock prices. Less coordinated speeches, by contrast, weaken prior tightening effects, as yields fall and inflation expectations and stock prices rise. These findings support the view that greater coordination in communication amplifies the impact of monetary signals.