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Bank of England Chief Economist Andy Haldane has pushed back against the idea that policymakers should target forward guidance at market participants rather than the wider population. Speaking on his final day in the job, Haldane argued that the BOE's post-financial crisis policy guidance has proven to be either overly precise, when it was linked to the jobless rate, or too vague, for those trading financial instruments.
He said that the most workable form of guidance has been simple wording, such as having 'limited and gradual' rate hikes, which was aimed at business and households. While Haldane is leaving, his views do chime with others at the Bank who see little benefit in seeking to continually refine the guidance being given.