No I think it is hs. But it is the Fed's hs.
The FOMC's Disclosure Policy
The FOMC at recent meetings has discussed not only the stance of policy, but also when and how it communicates its views of the evolving economic situation to the public. The FOMC's objective is to release as much information about monetary policy decision making, and as promptly, as is consistent with maintaining an effective deliberative process and avoiding roiling markets unnecessarily. Since early 1994, each change in the target nominal federal funds rate has been announced immediately with a brief rationale for the action. The FOMC resolved at its December meeting to take advantage of an available, but unused policy, originally stated in early 1994, of releasing, on an infrequent basis, a statement immediately after some FOMC meetings at which the stance of monetary policy has not been changed. The Federal Reserve will release such a statement when it wishes to communicate to the public a major shift in its views about the balance of risks or the likely direction of future policy. Such an announcement need not be made after every change in the tilt of the directive. Instead, this option would be reserved for situations in which the consensus of the Committee clearly had shifted significantly, though not by enough to change current policy, and in which the absence of an explanation risked misleading markets about the prospects for monetary policy.
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