There are two schools of thought among the critics on the Council. Some say they’re unnecessary because the economic situation isn’t that bad at all. For instance, they don’t regard the development in inflation expectations as being so dramatic.
I believe this type of our measure of uncertainty is closer, in this case, to a Knightian concept wherein probability distributions for model coefficients cannot be articulated. A further source of uncertainty, of a strategic sort, stems from the endogenous – at times unpredictable – process whereby agents form their expectations.