Minerd: Forward Guidance Was Created in Hell

The video discusses the concept of forward guidance, a tool used by the Federal Reserve to influence market expectations about future interest rate moves. The speaker criticizes forward guidance, attributing recent market instability to abrupt changes in this policy. Initially created during the financial crisis to assure markets of low rates, forward guidance is now seen as outdated and potentially harmful. The speaker advocates for its retirement, suggesting it has outlived its usefulness.

Why was forward guidance created according to the speaker?

What does the speaker imply about the current usefulness of forward guidance?