All this is not to say that we should ignore what investors think and expect. Market intelligence is an important input into the analysis of financial market developments.
It rather means that the successful sequence of policymaking – in particular in the presence of unconventional policy measures – is (i) to be clear about our reaction function, including how the expected monetary policy stance would be mapped into different policy instruments, (ii) to disclose frequently our assessment of the state of the economy and its likely evolution, and (iii) to act accordingly.