Powell comments in the press conference
Powell was asked about QE. The initial justification was to improve market function. The market is functioning fine, so he was asked about scaling it back. He pivoted to saying it's helping the broader economy but also said "we're not taking OUR gains in financial market function for granted."
- Right now we think our very large QE program is providing about the right amount of accommodation
- Fed turning to questions about extending emergency facilities that expire at year-end
