Recently, there has been increasing reason to believe that this may not be the case. There is now an expanding body of research on the impact of nonstandard monetary policies on asset prices and hence the distribution of wealth. If such a relationship does exist, and if wealth impacts nonlinearly on spending and saving activities, nonstandard monetary policies affect the transmission mechanism.
As recently as the early 1990s, the Federal Open Market Committee (FOMC) of the US Fed would meet and not in fact announce its monetary policy decision. Market watchers would then have to deduce from the Fed’s actions in the money markets what the stance of monetary policy actually was.