[afiedler]

The Fed also releases all of the memos that are used by the FOMC to set monetary policy. It just releases them with a five year lag. It also releases transcripts of all FOMC meetings and conference calls, plus all presentation slides used [1].

It really is quite transparent, and I'd argue that releasing things with a codified lag is a good balance between the need for secrecy and the public's right to know.

You can even see the options for wording of the FOMC's statements, considered to be some of the most sensitive material at the Fed. It's contained in the section of the "Bluebook" produced prior to the FOMC meeting called "Alternative Statement Language". [2]

Source: used to work there and make some of the charts and models that go into those documents.

[1]: http://www.federalreserve.gov/monetarypolicy/fomchistorical2...

[2]: http://www.federalreserve.gov/monetarypolicy/files/FOMC20080..., page 27