• decision on amount of tapering will depend on FOMC
• Fed is continually trying to ease policy; time to quit and have some patience
• hard to pre-commit to not selling assets in face of rising inflation in years ahead, would be nervous about that plan
• worth being wary about bubbles in certain asset classes
• not a fed policy to deliberately raise inflation expectations above 2% target
• sequester is not a key deflationary factor
• warns on overly specific rules for tapering asset purchases