2  BIS Review 2/2004  information between the central bank and the financial markets is quantitatively important - and I will present some evidence on this point shortly - financial markets will not price bonds and other assets efficiently (relative to the information possessed by the central bank), and scope may exist for central bank communication to improve the effectiveness of monetary policy and the overall performance of the economy.
A skeptic might argue that noise and other sources of pricing inefficiency pervade the financial markets, so that improving the predictability of monetary policy is of limited importance in practice, except perhaps to a few brokers and traders.