From the Board of Governors of the Federal Reserve System press release, issued 12/17/14:
Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy. The Committee sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.
http://www.federalreserve.gov/newsevents/press/monetary/20141217a.htm
See “Ms. Yellen Whispers Sweet Nothings In Mr. Market’s Ear,” SLL, earlier today.
