Re: New CPI Estimation System
More than likely ... they historically let the markets set the steps and then follow, as it is less disruptive than leading with tightening on their own. But they'll 'anoint' a spokesperson (either named or anonymous at times) to test the pulse of the markets regarding a tightening. This anointed one will also suggest the move (in riddles) sufficiently for the markets to take the lead (and in doing so discreetly, allow the markets to actually believe it's their idea.)