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MNI BRIEF: Bernanke Backs BOE Scenarios, Axing Fan Charts

(MNI) London

A review by former Federal Reserve head Ben Bernanke into the Bank of England forecasting and communication recommended developing alternative economic scenarios and axing its fan charts .

The review recommended that the Bank de-emphasise its central forecast and end its practice of highlighting a fan of probabilities around a most likely outturn. Instead one possibility for the BOE would be to follow other central banks in publishing its own rate path, Bernanke said. (See MNI INTERVIEW: Clear Case For BOE Alternative Scenarios - Bean)

The BOE said it accepted all his recommendations and will review progress at the end of the year.

MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com

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