Powell Expects Continued Progress Toward Objectives

Q: Did you talk about a timeline for when you expect to see substantial further progress being made?

• A: I expect we will be able to say more about timing as we see more data, there is not more light I can shed on that. But think of the meeting as the talking about talking about meeting. I suggest that we retire that term, which has served its purpose well, I think. Committee participants were of the view that since we adopted that guidance in December, the economy has clearly made progress, although we are still a ways from our goal of substantial further progress.
• Participants expect continued progress ahead toward that objective. Assuming that is the case, it will be appropriate to consider announcing a plan for reducing our asset purchases at a future meeting. At coming meetings the committee will continue to assess the economy's progress toward our goals and will give advance notice before announcing any decision. The timing - a lot will depend on the pace of that progress, and not on any calendar.