26 Orphanides (2003) proposed a rule that sets changes in the nominal interest rate equal to deviations in nominal income growth relative to target, ΔR = β [ (π + Δy) ̶ (π* + Δy*) ], where y is real GDP.
The incoming data confirm the severe impact of the pandemic on the global economy. It looks like this impact may have peaked as countries are starting to reopen their economies. Financial conditions have also begun to improve. But we know the reopening process is going to be long and uneven, and there could easily be setbacks.