MNI BRIEF: ExFed Chief Bernanke To Lead BOE Forecasting Review

Former Federal Reserve Chair Ben Bernanke will lead a review into the Bank of England's forecasting, Threadneedle Street said in an emailed statement on Friday.

Bernanke will be supported by the Bank’s Independent Evaluation Office in the review, announced earlier this year after the BOE's Monetary Policy Committee found that its key econometric models, designed during times of relatively stable prices, had become inaccurate in the post-pandemic inflation surge. (See MNI POLICY: BOE Hikes Whilst Seeking New Inflation Model)

"The UK economy has faced a series of unprecedented and unpredictable shocks. The review will allow us to take a step back and reflect on where our processes need to adapt to a world in which we increasingly face significant uncertainty,” said BOE Governor Andrew Bailey.