• QE, forward guidance pushed down long term rates
  • Fed has been successful in lowering long term rates
  • QE has had a positive response in housing
  • Watching for signs of any excesses developing
  • Pleased so far with performance of repo program
  • Bitcoin is a payment innovation outside of banking
  • No intersection between Bitcoin and Fed regulated banks
  • Fed has no authority over Bitcoin
  • Up to Congress to decide whether it needs to be regulated

Right, old Janet can rattle on on her own for now. If anything juicy comes up I’ll get it down but I don’t think we’re going to be getting anything revolutionary.