Q: Re large output gap implied in SEP, what.....>

FED: Q: Re large output gap implied in SEP, what are you hoping to learn by

waiting, vs reinforcing forward guidance? How close to decision on explicit fwd

guidance? Yield caps to reinforce?

A: Think policy well-conditioned to support economy, if we didn't we would

change now. Dot plot shows no increase through at least 2022, and

forecasters/markets see long spell of rates at lower bound. Important to have

monpol in good place and well understood by markets.

- (repeats what he said in opening statement): Looked in some depth at forward

guidance and asset purchases. We also received briefing on historical experience

with YCC. Re what we're looking for, a better understanding of the economy's

trajectory and how to best deploy tools to achieve those goals.