The Federal Reserve should openly embrace the monetary policy flexibility of the 1990's

1. There have been numerous suggestions that the Fed’s current monetary policy regime is closer to the 2016 pause in the rate hike cycle the then Fed Chair Janet Yellen engineered.
2. What are the monetary policy options for the Fed? Certainly, there is a rate hike pause, and lowering the fed funds rate.
3. Though the fed funds rate has only been hiked to 2.5 percent (at the upper bound), there are more options for monetary policy than simply pausing or lowering the fed funds rate outright.
4. At any rate, there are numerous options for the Fed in coming months for monetary policy, many of which were not available to it during the 2016 episode.
5. And this is precisely why the 1990s monetary policy example of pause, reduce, and extend comes in useful when thinking about current potential policy shifts.

https://nationalinterest.org/feature/fed-should-go-back-nineties-42402