This helps to shift the yield curve towards levels consistent with medium-term price stability without the  4  BIS central bankers’ speeches  constant need for comment from the Bank. The Bank’s approach to forward guidance is something I talked about in a speech earlier in the year. 10 Third, we regularly investigate what we can learn from our past judgements.
Table 1 presents the Bank’s forecast errors on key macroeconomic variables since the first quarter of 2010. The Bank’s projections have been inaccurate in two specific respects over this period. CPI inflation has been consistently weaker than forecast, while the New Zealand dollar has been stronger than forecast.