As a result, the FOMC will be in the unfamiliar posture of having two tools available for adjusting monetary policy. It is, therefore, important to clarify how they will be used in relation to each other.
While, under most circumstances, the two tools are largely substitutes for one another in terms of their effects on the economy the federal funds rate is the tool with which we have the most experience. And using two tools at once could easily foster confusion.