FOMC Communication Spillovers: Is There a "Call-Out" Effect?

The article discusses the spillover effects of the Federal Open Market Committee's (FOMC) actions on foreign economies. It presents several observations on the market-specific content of international spillovers, with a focus on the importance of country-specific mentions in FOMC communication. It further highlights the effects that changes to U.S. monetary policy has on trade balances, global financial conditions, and central bank communication.