• Sees rate at 7% by end of 2013
• Calls on Fed to promise to raise interest rates when rate hits 6.5%
• Time has come to reduce pace of bond buying, Wants QE to end by year end in gradual predictable manner
• Repeated changed to Fed’s policy targets likely caused more confusion than clarity
• Latest FOMC forecasts show committee has taken on board drop in unemployment over last 3-5 years
• Current period of low inflation is transitory