A “little bird” can tell you about prevailing interest rates now that the Federal Reserve has launched its own Twitter channel.
A “little bird” may soon be your trusted source for information on interest rates and other economic trends now that the Federal Reserve has launched its own Twitter channel - @federalreserve.
The nation’s central bank announced today it will tweet press releases, testimony, reports to Congress, weekly balance sheets and monthly reports on credit and other issues over the social media platform, which provides “microbursts” of information in messages of up to 140 characters. The Fed also plans to tweet responses to frequently asked questions, or FAQs, and video links.
The move to the social media platform is part of the Fed’s ongoing effort to improve access to Federal Reserve Board news and increase the transparency of the workings of the central bank, which is charged with the dual mandate of regulating inflation and maximizing employment in the U.S. Twitter will complement the Fed’s primary channel of communication, its www.federalreserve.gov website.
By close of businesses today the Fed had amassed 7,629 followers and sent a total of five tweets. Among other things, the central bank announced a new report on mobile financial services and a speech by Chairman Ben Bernanke on community banking. Followers will be able to read the Fed’s tweets from right-to-left as well as from left-to-right. Since early March tweets have been translated into Arabic, Farsi, Hebrew and Urdu, and are now available in a total of 28 languages
Will the tweets from the Federal Reserve be followed as closely as the Oscars on Twitter? Time will tell. Investors have been slower to embrace Twitter than the social media platforms of Facebook or LinkedIn, according to ongoing research conducted by Millionaire Corner on the attitudes and behaviors of affluent investors. About one-fourth of high net worth investors – those with investable assets of $5 million to $25 million – report being familiar with Twitter, while one-third are familiar with LinkedIn and 63 percent, with Facebook.
Among the three social platforms, LinkedIn is used primarily to create professional networks to exchange ideas, find jobs and recruit talent. Many high net worth investors – who have an average age of 67 and are more likely than not to be retired – have followed their children and grandchildren onto Facebook and are part of the fastest growing demographic on Facebook.
About 6 percent of high net worth investors indicate they would follow a trusted advisor on Twitter, and 7 percent say they are likely to increase their use of social media when researching investment decisions.