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What public policy needs to do, and this includes the Fed, is to help ensure that the shutdown in activity that is being felt doesn't cause lasting damage to the economy, and to make sure that we give aid and relief to the employees and workers and the businesses that are bearing the brunt of that shutdown.
While explicit forward guidance was used as a policy tool during the recession and earlier in the recovery, in more normal times, away from the zero lower bound, I believe forward guidance should be viewed more as a communications device, as such, I would like to see the forward guidance evolve over time to give more information about the conditions we systematically assess in calibrating the stance of policy to the economy's actual progress and anticipated progress toward our dual-mandate goals.
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