This case explores how financial markets interpret Federal Reserve (Fed) communications (sometimes called Fedspeak) through the lens of Victoria Miranda, head of macro strategy at GlobalInvest Capital (GlobalInvest). Set against two salient episodes—the 2013 Taper Tantrum and the March 2020 COVID-19 crisis—the case examines how financial market participants react not only to the content of messages from the Fed but also to their context. They interpret not just the “what” but the “why” behind Fed decisions, particularly during periods of heightened uncertainty. Through Miranda’s decision challenge, students learn to analyze how Fed watchers decode central bank signals.

The case is well suited for use in MBA courses on managing economic uncertainty, monetary policy, and central banking. The case has a companion industry background note that details the evolution of Fed communication and its current framework.