Some form of rule-based thinking about the interest-rate instrument — beyond a pure inflation target, perhaps something specifying movements of the instruments — is a productive way to constrain the Fed; policy rules served as good guidelines historically, don't need to be perfect, but are hard to legislate.
normativepending
Speaker
John TaylorEvidence Quote
“I do think that some kind of rule based thinking about the interest rate or whoever their interest instrument happens to be when we're out of this it is a productive way to think about things... you don't have to be perfect but they do help I think it's hard to legislate that but you could imagine some kind of something a little more if you like then it's a pure inflation target”
Created: 6/15/2026, 9:20:12 AM
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