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"US econ has strengthened recently but unemployment to remain high and inflation low. Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established. We will review the asset purchase program regularly in light of incoming information and will adjust it as needed" ... we have the necessary tools to smoothly and effectively exit from the asset purchase program at the appropriate time. In particular, our ability to pay interest on reserve balances held at the Fed will allow us to put upward pressure on short-term market interest rates and thus to tighten monetary policy when required, even if bank reserves remain high. Moreover, we have developed additional tools that will allow us to drain or immobilize bank reserves as required to facilitate the smooth withdrawal of policy accommodation when conditions warrant. If needed, we could also tighten policy by redeeming or selling securities."
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