US economy in a ‘good place,’ would take material change in the outlook for further accommodation to be needed.
A slightly accommodative stance is required to continue to sustain the US expansion.
Expects US economy to reach 2% inflation, helped by wage growth and low rates.
Fed is trying to figure out what level of reserves are needed for an ‘ample reserves’ regime.
There is not stress in the financial system and that treasury purchases are not QE.
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