It is consequently not immediately clear whether long-term inflation expectations based on swaps or long-term inflation expectations based on the BEIR curve are currently more reliable. Our reaction to this finding has been to increase the weight we attach to survey-based indicators of long-term inflation expectations – although, of course, they too have disadvantages.
6  Conclusion  I have tried to illustrate some aspects of the close relationship between monetary policy and financial markets. In so doing, I have tried to strike a balance between focusing on recent events in financial markets and more general aspects. Financial developments have the potential to change the transmission process. Financial markets provide valuable information for decision-makers.