The proper monetary-policy lesson is essentially technical, not political: the very low rates were an effort to over-fine-tune ('the perfect becoming the enemy of the good') — trying to do even better than the successful 20-year record — and the lesson is to return to the basic fundamentals that worked rather than overdo fine-tuning.
normativepending
Speaker
John TaylorEvidence Quote
“you could think about the very low rates that I complained about before as an effort to do if you like do too much fine-tuning anyway it's kind of like the perfect becomes the NAB... so come back to sort of the basic fundamentals of what worked and let that guide policy”
Created: 6/15/2026, 9:20:12 AM
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