Michael Woodford writes,

expectations can be shaped far more effectively by speaking directly about future policy, rather than leaving it to be inferred from actions that have no definite implications for the future.

Words speak louder than actions? Woodford is a Leading Figure in the New Macroeconomics.

Which I hold in contempt. I think that if the Fed wants to pursue an expansionary policy, it should start by getting rid of the interest on reserves. That 25 basis points does not seem so small when short-term Treasury rates are as low as they are.