Forward guidance is a tool used by a central bank to exercise its power in monetary policy in order to influence, with their own forecasts, market expectations of future levels of interest rates.
[1] The strategy can be implemented in an explicit way, expressed through communication of forecasts and future intentions, sometimes known as Odyssean forward guidance.
In fact, starting in 1994 the decisions of scheduled meetings have been announced to the public within a few minutes of 2:15 pm Eastern Time.
[1] This has apparently resulted in a market-timing strategy, in use since 1994, "where the S&P500 index has on average increased 49 basis points in the 24 hours before scheduled FOMC announcements.
[4] The drift is generally not dependent on either the macro economic state, market trends or action taken by the FOMC[5]