Efforts that monetary policy can support by keeping financing costs low for all borrowers Second, the macro-economic implications of the unprecedented corona shock and continuing elevated levels of uncertainty require coordination of efforts from all policy areas. Most importantly in this context, between monetary and fiscal authorities.
Since Taylor’s own strong preference is for his original rule – Taylor (1993) – I now refer to the later rule as the “balanced-approach rule.”  BIS central bankers’ speeches  7  inflation, and the federal funds rate that FOMC participants reported in April.