• Fed may have to start exit in 6-9 months
• Conditions may warrant a rate increase in late 2012
• Sees inflation avg 2% in 2012, 2013
• Jobless rate around 7% at end of 2013, 7.7% at end of 2012
• Sees 2.5-3.0% economic growth this year
• If outlook for inflation fell or unemployment rose sufficiently, would recommend further accomodation