The latest move in the Federal Reserve’s glasnost will be a press conference after today’s meeting of the Federal Open Market Committee. Openness is commendable, but – as in Gorbachev-era Russia – increased transparency could have unintended consequences.

Traders will have to relearn deeply ingrained habits. Parsing the FOMC’s statement, of 150-odd words, is a skill that will go the way of cold war Kremlinology or programming in Cobol. Now Ben Bernanke can use far more words to deliver nuance and delve into technicalities – relevant with QE2 bond purchases due to end in June.

The question time also risks Mr Bernanke confronting political questions: about the dollar (at a post-crisis low on a trade-weighted basis), the US credit rating (under threat) and politicians (logjammed over fiscal policy). Any hint of a political view would roil markets.