March 2026: BIS Quarterly Review – Evolving approaches to monetary policy communication in the face of uncertainty: fan charts, scenarios and guidance
Author(s):Sarah Bell, Matthieu Chavaz, Boris Hofmann, Daniel Rees and Matthias Rottner Date:March 2026 Abstract: The elevated and rapidly shifting nature of uncertainty in recent years has posed challenges for central bank communication. In particular, central banks have had to reconsider how to communicate the economic outlook and the monetary policy response. They have expanded their communications toolkit to explain uncertainty[…]