Do Federal Reserve presidents communicate with a regional bias?

► Analysis of speeches by Fed officials over the period January 1998-September 2009. ► Rise in the inflation rate or the Leading Index makes a hawkish speech more likely. ► Regional information predominant for nonvoters and inside the home district. ► Regional data also important under Bernanke and during recessions/financial crisis. ► Voting presidents and Governors focus on national economic indicators.