Q&A continues: - Q: Why did you take a 4%.......>

FED: Q&A continues:

- Q: Why did you take a 4% inflation target off the table in the framework

review discussions? Was it due to Congress concerns?

A: We're just getting to the stage where we're looking at conclusions. Many will

end up as changed. That process will take until the middle of the year. I

wouldn't prejudge; I believe we will be able to reach a successful conclusion.

Re 4%, saying words alone isn't credible: saying we'll get to 4% alone is not

enough. And 4%, is that really price stability? Framework review isn't supposed

to solve all problems, but should meaningfully improve our policy framework;

they tend to reflect evolution; at least we're moving in a good direction.

- Q: What would you have done differently this year?

A: I like where we are in policy, likely to remain so. It's too long of a

question. A lot of learning comes into our jobs, always trying to learn lessons.

Didn't see challenges we saw facing this year - they were a surprise. But we did

face them and I'm pleased that we moved to support the economy, I think they

will prove appropriate.