• We relied on research and our own experiments
• QE and bond buying has been helpful
• Great majority of studies say that QE was at least somewhat effective
• Doesn’t believe large amount of FOMC feel QE isn’t effective
• We have plenty of tools for monetary policy, to run balance sheet as is or higher
• Inflation hasn’t been a significant risk of QE
• Financial instability is the main risk colleagues have highlighted
• Strategy has been not to distort monetary policy to address those risks
• Always looking at implications of any imbalances
• The most credible concern and cost of QE is financial instability
• Concerns should not detract from needing accommodative policy