To make such a plan credible, I believe that the Committee would have to state clearly that the hurdle for deviating from the planned pace of sales would be a high one. Otherwise, the temptation to manipulate the pace of sales based on some unspecified criteria might arise. Indeed, the major thrust of either plan is to avoid just such a temptation.
The mantra of Fed independence is not some throw-away line that seeks to absolve the central bank of accountability. To the contrary, institutional credibility demands transparency so that the Fed’s performance of its responsibilities can be judged on the merits. But, the call for central bank independence can be misunderstood, its defense misconstrued, its threats dismissed, and the consequences of its breach underestimated.