(Revised October 15, 2026)
We study how coordination in central bank communication affects monetary policy transmission. Using FOMC speeches, we measure similarity to the Chair’s preceding post-meeting communication as an observable manifestation of coordination and construct speech surprises from high-frequency changes in eurodollar futures. On average, these surprises have little effect on inflation expectations or equity prices. Greater coordination strengthens transmission: aligned speeches are not redundant for financial markets but intensify earlier policy signals, lowering inflation expectations and equity prices after tightening surprises. At lower similarity, responses weaken and may reverse. A nonlinear general equilibrium model with incomplete information rationalizes these findings.