During 2019 when we embarked upon a cycle of rate cuts and change of stance from ‘calibrated tightening’ to ‘neutral’ and then to ‘accommodative’, the accompanying  communications  were  unambiguous.
ECB analysis attributes a significant portion of this fall to the workings of our asset purchase programme.11 And effective forward guidance on and implementation of the APP may have also helped to 4 / 10  BIS central bankers' speeches  reinforce forward guidance on rates – a channel famously labelled the “signalling” channel.