Answers reporters questions.
He adds:
- don't make Fed conduct policy, according to a rule
- Public and markets are well prepared for fed liftoff
- lower neutral rate may curve fed scope to respond to shocks
- must keep considering using fed balance sheet as tool
- "Gradual" means rate increases not at every fed meeting
- After initial rate hike fed will have to discuss and possibly shift standards on how it regards progress towards inflation target beyond current criteria of reasonably confident
- fed was successful in October statement in pulling market expectations of a rate hike forward. Gave Fed "optionality" in December
