Former Fed Chair Bernanke’s suggestions:
BoE ought to de-emphasise the central forecast primarily based on market rate of interest expectations.
Fan charts needs to be eradicated and uncertainty conveyed in a extra qualitative means.
Central forecasts needs to be augmented with topical eventualities.
Financial institution of England’s essential forecast mannequin needs to be changed or totally revamped.
Incremental quarterly updates to BoE forecasts could sluggish recognition of larger structural modifications.
