The argument goes that since the inflationary impact of easy monetary policies is difficult to see real time, the Fed risks going overboard with monetary easing thereby jeopardizing future price stability. We also have an illustration from emerging economies of policies for financial stability affecting price stability.
Since the signal extracted from the monetary analysis refers to the low frequency it will not change much from month to month. As a consequence, it will, by its very nature, normally not be closely correlated with individual policy moves, but will rather influence the medium-term direction of policy rates.