Our understanding of the economy is inherently limited, and therefore central banks should not imply that they have more knowledge than they actually do. Markets might give too much credence to forecasts backed by central bank credibility, which would create noise and distort the signals from the markets back to the central bank.
Point-estimate forecasts are especially susceptible to being quickly overcome by new information and becoming soon outdated. Besides, Committee members consult a wide range of forecasts in the process of reaching their monetary policy decisions. As I have already noted, we have succeeded in conveying after each FOMC meeting the main risks to satisfactory economic performance.