A committee process is conducive to assessing the appropriate policy response to these developments. A case in point is the decline, as I mentioned, in estimates of the neutral interest rate. The concept of the neutral interest rate is a way of summarizing the various forces, many of them unobservable, that shift the relationship between monetary policy and economic activity.
Bringing to the table diverse perspectives is a pragmatic way of confronting such deep sources of uncertainty and deciding how to deal with them.