The projections have an upper and lower band and Hilsenrath asked where she is placed, which she used. I’ve just put the latest dots on the prior post so see if you can find which one is Janet

  • Says she won’t identify who’s who’s on the dot plots
  • Says she is not clear if there is a gap between markets and FOMC on rates
  • Says it’s important for markets to understand Fed policy view
  • Wants to make sure normalisation is underway before ceasing re-investments
  • Could take until the end of the decade to achieve appropriate balance sheet levels

Point to remember is that while QE purchases may finish they’ll still be churning them over and propping up the economy. She then said there might be another taper ( of the re-investing) MOAR TAPER! Magic.