Did the 2020 framework change cause the Fed to be late in 2021? Jay Powell's former senior adviser, Faust, says no. "When the history of this episode is ultimately settled, 'the framework made them do it' will garner little more than a footnote." "Blaming the delayed inflation response on a failure to be forward looking actually gets things exactly backwards.  A failure to act on forecasts was not the problem: the problem was taking (erroneous) forecasts too seriously." "The episode is a cautionary tale about forward-looking policy, not an argument for it." https://krieger.jhu.edu/financial-economics/2025/05/21/why-was-the-feds-response-to-rising-inflation-so-delayed/