In particular, communicating a future subjective path for the policy rate might be interpreted as an unconditional commitment – which in turn could reduce the necessary flexibility of monetary policy.
5  C Brand, D Buncic and J Turunen (2006), The impact of ECB monetary policy decisions and communication on the yield curve, ECB Working Paper 657; R Gürkaynak, B Sack and E Swanson (2005), Do Actions Speak Louder than Words? The Response of Asset Prices to Monetary Policy Actions and Statements, International Journal of Central Banking, 1, pp 55-94.