As for monetary policy, between March and June, the FOMC voted to ease monetary policy four more times, bringing the cumulative reduction in the federal funds rate to 275 basis points in the first six months of the year--the most rapid reduction in the funds rate since the early 1980s.
Perhaps future researchers will be able to resolve this tension in some clever way, but some tradeoff between purity of design and forecasting accuracy probably will always be unavoidable. In addition, the staff's experience with FRB/US illustrates some of the problems inherent in using real-time wage data.