Future rate disclosure works
In New Zealand, market expectations show a significant reaction to the unexpected component of the interest-rate projections released by the central bank, a new paper from the Bank of Italy posits.
The research shows that market expectations about short-term interest rates over short- and medium-term horizons respond in a significant, consistent and persistent way to the monetary surprise unleashed by the release of the rate projections. The analysis also shows that New Zealand market operators
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