1) The document discusses forward guidance (FG) policies and how their effectiveness can be reduced by heterogeneous beliefs and wealth among economic agents. 2) The model presented shows that FG policies redistribute resources away from creditors who believe the most in the policies, reducing their impact. Empirical analysis of Italian data supports this finding. 3) While original theories argued FG works via intertemporal substitution or wealth effects, the author argues it may be less effective due to differing trust in central banks and financial systems across agents. FG could end up taxing creditors who have the most trust.