• Fed’s late 2014 language broadly aligned with economic reality, still comfortable with the decision
• Too early to say economy is stalling just because of one month’s NFP data
• Stopping reinvestment of maturing securities on Fed ‘s books would be a form of tightening, but doubt it will be necessary by June
• Further bond buying would require fairly dramatic downturns in the economy.
• Not overly concerned about higher fuel prices impacting the economy
• Inflation consistent with Fed’s 2% target
• Can’t take risk of Europe-related spillover off the table just now.