No worries, your opinion's as good as anyone else! I'm pretty sure there's people in my industry that disagree with me.

What do you feel is ideal central-bank policy then? What is the best thing to target? Still primarily focusing on the overnight rate?

IMO, there's no single thing ideal central bank policy. I think some central bankers are very rigid with their job, and think controlling CPI is the only impact of their policy. These are the same ones that say low-rate policies have little to no impact on inflation, but at the same time cut rates to stimulate spending. Good examples of these are Australia, Canada, NZ, and the UK. I think this is the wrong approach. It's very mechanical, and should just be done by an algorithm if they're going to be this lazy about it.

A mix of monitoring global macro, and inflationary government policies is the right move. Yellen is a good example, raising rates at the same time Trump's infrastructure plan is slated to push inflation to the limits. Although it's not friendly to the government, which isn't her direct employer, but has a lot of influence over her life. She probably won't be getting another term, but at least she's using some of that fancy judgement she's developed over a long career.

I'm not a central banker, so take what I say with a grain of salt.