ECB forward guidance - does it matter?

The ECB and the BOE have both provided forward guidance concerning interest rates. The ECB has always said that they would not precommit to a policy. I guess that has changed.

They will stay low for a long-time. Should we be surprised here? Is this really forward guidance? Forward guidance has become an important part of the monetary playbook as espoused by academic monetary economists and the Fed. Guidance can reduce the uncertainty about the direction of central bank policy and can change market expectations. However, this is based on whether there is actually good information or guidance provided. At this time, it is hard to say that what was said is new information.

This is an effort to stop the rise in global rates without actually doing something. The sell-off in US Treasury is having global implications.