Excerpt from WSJ article from Clev. Fed paper.
"Enter Charles Carlstrom and Saeed Zaman, economists at the Cleveland Fed. They say the problem with Taylor rules is that they do not account for either economic growth or employment gains. If adjusted for that flaw, the authors say, the rule’s ability to predict the course of Fed actions over a prolonged period jumps to 67%, up from just 49% for jobless rate-based Taylor rules."
So that brilz Taylor Rule everybody's been yakking about was slightly worse than a coin flip. No wonder its so popular with Fed Funds Futures traders ! Our rule is better, end story.