Last week, the Bank published the findings of a review into its forecast process, conducted by the former Fed chairman Ben Bernanke. Recommendation 11 was that that the fan chart should be dropped, citing ‘weak conceptual foundations’: a criticism which appears to relate more to how the MPC goes about estimating the key parameters rather than to the chart itself. I feel sad about this. But I would prefer the Bank to stop using the fan chart altogether than to keep using it in the way it does. The Bank’s forecast process is broken, and the fan chart is just the visual manifestation of that…