The FOMC asserted in its statement that it viewed the new thresholds to be consistent with the earlier, date-based guidance. Femia, Friedman, and Sack (2013) present evidence that respondents to the survey of primary dealers largely shared this assessment.
4  BIS central bankers’ speeches  provided greater clarity about the factors influencing the Committee’s thinking about future policy and how that thinking might change as the outlook changed.11 As my colleagues and I have frequently emphasized, the conditions stated in this guidance are thresholds, not triggers.