Federal Reserve Governor Quarles: Different opinions at last week's meeting highlight the complexity of forward guidance.

The Federal Reserve maintained policy rates in the range of 3.5% to 3.75% at last week's meeting, with a vote of 8 in favor and 4 against, the highest level of dissent since 1992. Three members voted against, mainly disagreeing with the implication in the statement that the Fed will likely cut rates next. Goolsbee believes that the dissent in this vote reflects the complexity that forward-guidance in monetary policy could bring, as even the three officials who supported keeping rates unchanged raised objections to the policy language.