Policy impact widely gauged by macro and market indicators
Policy-making frameworks commonly reviewed on ad hoc basis
Policy effectiveness tends to be judged on developments in macroeconomic and market indicators, the Monetary Policy Benchmarks 2025 reveals.
Over nine-tenths of 46 respondents say they rely on macroeconomic indicators (95.7%) to assess the effectiveness of monetary policy. Slightly over four-fifths say they consider market indicators (82.6%) as guide. Respondents use “other” (15.2%) yardsticks as the least applicable gauge.
In a separate question on the formal review of policy-making frameworks
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