Investors have strong financial incentives to analyze information about inflation and the macroeconomy to better predict the path of monetary policy. After all, Fed communications and forecasts are fallible. The anticipated dispersion of investors' views implies a distribution of returns with substantial rewards for those who get it right. Market-based information is surely important in determining good monetary policy.
Ben S Bernanke: Remarks on The Squam Lake Report – fixing the financial system Speech by Mr Ben S Bernanke, Chairman of the Board of Governors of the Federal Reserve System, at the Squam Lake Conference, New York, 16 June 2010.