Ex-Fed chair Ben Bernanke finds ‘significant shortcomings’ in Bank of England’s economic forecasting

By PAN PYLAS
Associated Press

LONDON (AP) — A review of the Bank of England’s economic forecasting undertaken by the former chair of the U.S. Federal Reserve has found “significant shortcomings” that should be addressed to better inform future interest rate decisions. Ben Bernanke was tasked to review the Bank of England’s forecasting models following widespread criticism about the forecasts. Bernanke led the Fed during a period that included the global financial crisis and made a series of recommendations Friday. The Bank of England says it is committed to fulfilling them.