Four of these come with the publication of our quarterly Monetary Policy Report, which provides a complete forecast and detailed explanation of how we see risks to our inflation outlook evolving. The Governor and Senior Deputy Governor hold a press conference the same day. Until now, the other four decisions would come with only a press release—about one page long.
We’ve decided that, starting today, one member of the Bank’s Governing Council will also give a public speech—an “economic progress report”—a day or so after each of these four interest rate announcements. The idea is to shed further light on how we see the economy evolving and the considerations that figured most prominently in our deliberations.