Forward guidance - doesn't always map the route

After the financial crisis rocked the framework of monetary policy, rate setters took to giving "forward guidance" to steady the ship, but the recent experience of British and Japanese central banks suggests it doesn't guarantee a smooth journey.Just a few weeks ago markets and economists were convinced the Bank of England was all set to hike interest rates on May 10, until Governor Mark Carney gave a surprisingly dovish interview and suddenly all bets were off.In theory, forward guidance smooth