• Jobs report consistent with 2% growth
  • Unemployment will continue to ‘tick down’
  • Balance sheet depends on economic performance
  • He sees unemployment down another seven-tenths this year (to 7.1%)
  • Approx 7% unemployment is enough to scale back bond purchases

The Fed wants to focus on economic objectives tied to QE and Bullard has done an amazing job with his headline comment but it begs the question: Why were the FOMC minutes were focused on dates?