In retrospect this is quite surprising, given that monetary policy is intermediated through the financial system, and therefore a dysfunctional financial system would effectively block the transmission mechanism of monetary policy.
Based on the incoming data over the summer, my position was that we would soon achieve the substantial further progress needed to start tapering of asset purchases— in particular, our purchases of agency mortgage-backed securities—and that we needed to “go early and go fast” on tapering our asset purchases to position ourselves for rate hikes in 2022 should we need to tighten policy.