The BIS has just published....>

GLOBAL MARKET/OPINION: The BIS has just published an interest and topical paper

entitled "Central Bank forward guidance and the signal value of market prices"

by Stephen Morris and Hyun Song Shin. 

- Apparently, we should not listen to Central Bank speakers.

- The report states "The analysis suggests that relying less on market signals

increases the effectiveness of central bank communication. In their eagerness to

correctly anticipate policy moves, market participants risk giving too much

weight to central bankers' utterances and not enough to assessing economic data.

If central bankers, in turn, trust markets to guide their actions, they may end

up creating a feedback loop that cancels out the value of the very market

signals they rely on. In this circular relationship, market outcomes reflect

central bank actions, which in turn reflect market outcomes."