Unanimous Forward guidance without nattering dissent, extended hiking cycles, extended cutting cycles, Real QE, Real QT are all valuable monetary policy tools

Unanimous Forward guidance without nattering dissent, extended hiking cycles, extended cutting cycles, Real QE, Real QT are all valuable monetary policy tools When monetary policy is close to neutral. None of them are useful. Doing nothing and tweaking with surprise tweaks is how to run a CB. Are we at neutral. Probably close. Can that change. Definitely — via @dampedspring

Highlights rare unanimity on tools and neutral policy nuance, driving macro significance.