Forecasts cannot be followed in a mechanical fashion since relevant off-model information has to be accounted for and the risks to the forecasts assessed. BIS Review 97/2007  3  5. Forecasting and transparency  The global trend in recent years is towards increased transparency in monetary policy formulation.
This helps to make monetary policy more predictable which, in turn, helps reduce volatility in markets and make forward planning easier. We can debate about where to draw the line as to the limits of transparency, but one of the new trends has been for central banks to publish their forecasts as well as their forecasting models.