Thus, it may be difficult for the FOMC to achieve a consensus forecast or policy path. One way to enhance its communication would be to indicate the likely behavior of interest rates based on a few different Taylor-like rules that have been consistent with the conduct of monetary policy.
Doing so would require agreement on a particular model in order to produce the resulting rule-based behavior. For the Fed, the Board staff’s economic model, called FRB/US, seems like a reasonable place to start. The FOMC could then articulate whether and why it anticipates policy to be somewhat more restrained or more accommodative relative to the projections given by the rules.