video transcript

Reverse the policies. Policy depends on the progress we make towards our objectives. And this means that policy including the case of -- depends on how economic outlook. Not on the calendar of labor market conditions in the economy's growth momentum or less favorable the F policies outlook and this is actually happen quite often the last few years. I would expect that yes -- purchases would continue at a higher pace for longer as -- -- the Fed is buying asses. They're adding monetary policy accommodation. Not tightening monetary policy but it's also important to stress the fat reserves like to keep most of these at -- -- balance sheets or. Long time some volatility of oil unavoidable and indeed isn't necessary part of the process by which markets and the economy just. Two incoming information I wanna emphasize. And overemphasize the importance of data over date. The path of purchases is in no way pre determined we will monitor economic data and it just our purchases as appropriate. So it I mean to summarize your message to markets just -- well. I'm not actually telling markets what to think -- do it all on and give you -- and that's not our role right. Our role is to provide clarity and transparency but at the policy. But not get too focused on short term movements in the market. Not only to our. Actions -- market expectations. The converse is true as well are at a market expectations influence -- -- -- -- so it's difficult for the committee. -- taken action at a meeting in -- if that action is wholly unanticipated. And we don't wanna create that. -- a lot of market volatility to make reliable judgments about the state of the economy as well to reduce. The possibility of a and an adverse feedback loop the best approach is for the committee that. To be clear on the proposition that we're making a decision since September. We're -- -- primary waits to be accumulated stock of news that's come in since the inception of the program. I cannot be unduly influenced. Bayh say whatever data releases come in you know weeks before. Before the meet -- we've obviously seen. Very significant increases in treasury yields since the FOMC meeting. I think it's a mistake to infer from those movements that there must have been essentially equivalent big change in. In policy fundamentalist the only point I'm making is that if you know. Businesses and consumers are looking to market prices. For clues about the stance of monetary policy they should take care not to over interpret the --