The Fed has the tools to "exit," but using them correctly remains a challenge.

The EU's credit crisis has abated, at a deep cost to currency credibility worldwide.

Why couldn't renormalizing the discount rate wait until the next FOMC meeting.

January's core deflation report is accurate -- and it sets up for more inflation down the road.

When the SFP is complete at $200 billion, excess reserves will top today's $1.137 trillion.

Bernanke promises redoubled ease. The White House promises redoubled "change."

Data continues to confirm that we're only in a recovery, not a real expansion.

It makes recession-end "official," but leaves a slow road back to full employment ahead.

Another smart Obama appointment emphasizing policy continuity.

The "extended period" language will stay -- there's just no reason to drop it.