The better central banks become at communicating their reaction pattern, the less attention their forward guidance will receive, Norges Bank governor Øystein Olsen said yesterday (April 8) during a speech at Columbia University in New York.

Norges Bank has provided forward guidance through publishing conditional forecasts for its key policy rate for almost a decade. "Our overall experience is positive," Olsen said. "We have indications that our reaction pattern is well understood, that agents