I think the Federal Reserve believes that the U.S. economy is in such a situation. In the United States, where inflation expectations are anchored at 2 percent, it is possible to predict future price developments more reliably, so that the Federal Reserve can chart the course of future policy.
Yet, even in the United States, there has been criticism that the projections of monetary policy presented in so-called "dot plots" often turn out to be  10  In "Central Banking and the Global Economy" (a speech given at an international symposium entitled "Central Banking & Monetary Policy: The Global Economy & Japan" hosted by the Hitotsubashi Graduate School of Commerce and Management at Hitotsubashi Hall on May 12, 2017), the former governor of the Bank of Israel, Mr. Jacob Frenkel, emphasized that central bank operations must be conducted based on data, not on a certain timeframe.