The operating target for monetary policy in the United States has changed from borrowings in the late 1980s to a target range for the fed funds rate to a specific fed funds target. In addition, secrecy about the policy target has largely disappeared, and since 1994 policy targets have been announced immediately. This article explores the impact of policy decisions on short-term interest rates as the policy announcements have changed. The authors find that the policy changes had a larger impact when the Fed moved to a specific emphasis on the fed funds rate. However, since the Fed began to announce the targets, policy changes have had a lesser effect on rates.