While the Fed's BSP guidance didn't go the whole way to linking it to the policy rate, it's still very powerful.

1) Keeping QE at 120b per month until "substantial" is met is a strong message as they could have given themselves flexibility re calibration. They decided not to.

2) By not putting a number on "substantial" and keeping it "outcome based", the Fed reinforced the immense asymmetry of its reaction function. Which is to say despite upside risks, the Fed is saying in the next 6-9 months its more likely that they would add QE than reduce it.

3) The 2023 dot continues to be the Fed's "proof" or commitment mechanism to FAIT. The 2023 dot has the u3 rate at 3.7% (4.1 nairu) and PCE at 2%. Despite all of that the median dot for the federal funds rate is still at the ZLB. Welcome to the new MPF.

The Fed's role in this transition from "stabilization" to "accommodation" is to reaffirm its new reaction function via enhanced forward guidance in order to ensure that this pro cyclical expansion of their policy stance can continue. So far their messaging has been pretty clear.