A description of the (likely) transmission of monetary policy via the real and, importantly, the financial sector is outside the scope of this text. 2  BIS central bankers’ speeches  conditionality.
By stressing that the forward guidance is a forecast based on current information, and consistent with the central bank’s broad-based projections about the underlying economic conditions looking forward, there is no commitment to future actions. When new information is available, the forecast is updated. This point is reinforced by publishing the confidence intervals, i.e., the probability distribution over possible future interest rates.