While specifying a complete policy rule is infeasible, however, there is much that a central bank can do - both by its actions and its words - to improve the ability of financial markets to predict monetary policy actions. With respect to actions, the central bank should behave in as systematic and as understandable a way as possible, given the macroeconomic and financial environment.
While government issuances continue to represent the bulk of outstanding debt securities, corporate bond issuances have grown significantly, constantly rising by 14.5 percent from 2018 to 2019.