This important point is highlighted in recent research published by the Bank of England (Haldane et al 2020).32 The authors argue that, if central banks want to reach the people currently by-passed by their communication and build higher and durable levels of trust, complementary activities are needed in addition to simpli ed communication.
At the same time, the liquidity management framework was also fine-tuned since April 2016 with the objective of maintaining 5/6  BIS central bankers' speeches  the operating target close to the policy rate. Under this framework, the Reserve Bank assured the market to meet its durable liquidity requirements while fine-tuning its operations to make short-term liquidity conditions consistent with the stated policy stance.