"Bernanke's Call for Clearer Guidance on Rates and Inflation Forecasting"

Former US Federal Reserve chair Ben Bernanke has recommended that the Bank of England (BOE) consider publishing its own outlook for UK interest rates as part of a comprehensive review of its forecasting and communication practices. Bernanke's 86-page review highlighted the need for the BOE to provide clearer guidance on interest rates and to scrap the fan charts that have been central to its policymaking for over two decades. While the BOE welcomed the report and committed to implementing all 12 of Bernanke's recommendations, it stated that changes would be phased in gradually and likely implemented after the next election. Bernanke also suggested that the BOE should publish alternative scenarios alongside its central forecast and revamp its economic models and infrastructure.