Any of these factors might imply that the equilibrium rate relevant for policy returns more quickly to, or even moves above, its long-run level as fewer forces weigh on aggregate demand.
Recognizing the uncertainty regarding these various forces and the interplay among them, I believe it important that the FOMC calibrate the return of policy to the equilibrium real rate so that the process is neither hasty nor overly attenuated. Clearly, incoming data and the implications for the outlook should play a particularly important role in policy determination at this juncture.