A simple rule that responds to one or two macroeconomic variables and ignores all other indicators of price developments is not able to account for the complexities of the real world. It would be especially odd, given the criticism that monetary policy does not take enough account of financial developments, to put in place a strategy that completely ignores them.
Some of you may quite sensibly be asking, “If the deficiencies of the regulation are so apparent, how did we get here?” Despite the best of intentions in crafting the regulations, no one seems to be happy with the complex rule we wound up with.