In any case, the risks of herding, of overreaction, of too little scope for private assessments of economic developments to show through, would seem to be high for central bank talk about policy interest rates.
Because of concern about market interpretation, policymakers often see talk about policy inclination also as having the potential for constraining future decisions in ways that might interfere with the mosteffective achievement of policy objectives. The stronger the market expectations about near-term policy actions, the greater the risk of roiling markets and creating confusion in the event the decision differs from those expectations.