The Federal Reserve uses a number of approaches to inform its policy decisions—they’re all insightful, they’re all useful, and they’re all a part of the debate. But none is absolutely fail-safe. The idea that policymakers should follow only one approach without deviation is ill-advised. An abundance of perspectives is fundamental to the Fed’s success. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to New York University Stern School of Business in New York on February 25.