13 Central bankers try to acknowledge these uncertainties and the associated imprecision of policy through the nuances and conditional language that characterise their forward guidance and other policy statements. In publishing economic forecasts they make it clear – including  10  We have seen this many times.
In the event, even bank depositors have got exposed and as soon as information asymmetries became evident and credit ratings came to be regarded as inadequate, markets got frozen resulting in illiquidity for banks and erosion in depositor confidence with its consequential impact on financial markets, and monetary policy.