The part of policy not explained by the rule then reflects the large volume of information about the economy and its prospects that is not captured by current inflation and unemployment rates but that the FOMC does take into account. The FOMC uses all this information in an attempt to anticipate developments; the Taylor rule is backward looking.
That's the promise of economic education – to get back to the title of this session – that it not only improves the lives of individual consumers, but that it also makes for more-effective policy and a better economy. Delivering on that promise is the hard part, of course, but that's where the National Council comes in.