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Fed "remains prepared to respond" with addl policy support if econ weakens or deflationary risks emerge, but with exit if less accommodation warranted. Thus he does not rule out QE3 or being more explicit about defining extended period or reducing IOER to pressure short rates lower. Otherwise he sticks to script -- econ is recovering, weakness is temp, recent soft trajectory has moved up unemploy rate. Reiterates central tend ests see recovery strengthening in H2; will be watching consumer behavior ahead. Footnote calls attention to fact that these ests were prepared prior to June jobs report. Says recent rise in infl appears transitory. Reiterates idea Fed simply maintaining SOMA "should continue to put downward pressure on mkt int rates and foster" more accommodation. Overall, nothing new here other than the balanced estimate for future policy.
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