Bernanke to Lead BOE Forecasting and Communication Review After Inflation Missteps

Ben Bernanke leading review of BOE's forecasting process and communication after it failed to predict high inflation
Expected to suggest replacing "fan charts" with flexible "scenarios" to better communicate range of MPC views
Scenarios became a tool during pandemic to address uncertainties; used by Sweden's Riksbank
Could help resolve communication challenges like in Nov 2022 when BOE warnings misled public and markets
Unlikely to be overly critical as forecast errors similar to other major central banks; modeling and data inputs may need upgrading