This chapter explores the effects of monetary policy disclosure on financial markets. While the previous chapter examined the mechanisms through which central banks communicate and disclose policy decisions, the present discussion builds on that foundation by analysing how such disclosures are received and interpreted by market participants. Emphasis is placed on the asset pricing implications of monetary announcements. The literature shows that financial markets often respond quickly and strongly to central bank communication, yet the nature and magnitude of these reactions do not always align with the predictions of standard asset pricing theory. Instead, responses may reflect broader expectations, risk perceptions, or shifts in uncertainty rather than purely mechanical adjustments to discount rates or cash-flow forecasts.