The Fall will bring more economic data which will enable the Fed to better plot it’s course. In the 4th Quarter of 2009 the Fed changed its rhetoric to a “few meetings” before there would be a policy move and that Bullard expects this to continue as long as the economy continues to perform as expected. Rates would likely be on hold into next year. The market is too focused on interest rates. He sees the natural progression of events as an easing of QE before raising rates. The fed must be ready to tighten policy in a credible way when the time comes.