In both September and December we said that the uncertainty was so great that we couldn't usefully characterize the balance of risks; at the end of October, when markets looked as though they were settling down and spillovers beyond the housing sector might be limited, we thought we could characterize "rough balance."
Because the situation has been so fluid and so uncertain in its effects, the speeches of individual FOMC participants have given varied interpretations of the developments and their implications for policy. The resulting dispersion of messages has bothered market participants seeking clear, unambiguous guidance about the views of the central bank.