One named pitfall of monetary policy is that it affects the economy only after:

1. A rate change today does not move output today. 2. The delay is neither short nor consistent. 3. Monetary policy affects the economy only after a time lag that is typically long and of variable length. 4. That makes fine-tuning difficult. _Source: OpenStax Principles of Macroeconomics 3e (CC BY 4.0), Ch 15 'Monetary Policy and Bank Regulation', sections 15.1-15.5_