Fed's Waller (voter, hawk) makes no remarks on monetary policy or the economic outlook; says forward guidance can speed the impact of monetary policy, can be a 'valuable tool'

FORWARD GUIDANCE:

• Says that when it works, forward guidance can speed the impact of monetary policy, as in late 2021
• Forward guidance can be a ‘valuable tool’ that has at times strengthened policymaking and will continue to be useful
• Forward guidance can be a hindrance if it is ‘too strong or rigid’
• Forward guidance also ‘problematic’ when policymakers confront different economic outcomes all with a significant probability of occurring
• in some cases, it's best not to use it at all.