High cost of government, low outcome, By Dakuku Peterside
Indeed, the size of the hike is a dead give away. “This is what you asked for. Let us see how it works out!” This looks like the main message of last week’s MPC meeting. In the decision to hike its benchmark rate as vertically as it did last week, has the central bank stumbled on a silver bullet? A quick fix for both inflation and the naira’s riotous exchange rate? Forward guidance as a central bank tool is all about communicating the possible future direction of monetary policy .
It is not about swingeing changes to current levels of interest rates. It is instead about what central banks’ actions signal to markets about future levels of interest rates. The next best time to adopt an idea that made sense several yesterdays ago, is toda
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