Two examples of forward guidance In one way or another, various forms of indications – more Delphic in nature – about the conditional direction of policy have implicitly been part of central bank communication for a while, increasingly so since the mid of the 1990s.
Around that time, a small number of central banks pioneered the publication of numerical forecasts for the future path of their policy rates. For example, since 1997, the Reserve Bank of New Zealand (RBNZ) has provided a numerical projection of future policy rates.