Powell Says A Ways Away From Substantial Further Progress

Q: How will you go about signalling the start of tapering when you decide to do that?

• A: Our intention for this process is that it will be orderly, methodical and transparent. We see real value in communicating well in advance what our thinking is, and we will try to be clear and we will give advance notice before announcing a decision to taper.
• All I can say is that we think it's important, we think where the balance sheet is concerned a lot of notice, as much transparency as we can give, and as far in advance as we can to give people a chance to adjust their expectations, and we expect to be in that business until we reach substantial further progress, and then have a decision.
• I have nothing further on time. It wouldn't be appropriate to say, we have to see more data. We are a ways away from substantial further progress, we think. But we are making progress. As we approach that goal, we will provide as much clarity as we can.