 In our paper, we try to investigate whether monetary policy communication, that is the tone of speeches by policymakers and testimonies, helps shape the expectations of market participants about the speed of future monetary policy tightening and loosening. Indeed, we see that market participants strongly and immediately update their expectations about the future path of monetary policy, which is then reflected in the stock market response to those speeches and testimonies. Of course, a broader question which is open is then to understand whether communication can be indeed an independent policy tool during times of low interest rates, because ultimately what we really have to understand is how households and firms would update their expectations to communication, which is of course something we currently investigate in ongoing work. One of the most stimulating features of the conference is that it brings together some of the world-leading experts working on related topics by shedding light on these topics from different angles and perspectives, which of course then on the one hand actually leads to different insights that are relevant for policymaking, but also actually would actually generate new ideas that actually ultimately will stimulate in ongoing work for policy, academia and the practice of monetary policy.