Fed voting member Plosser, I call a semi hawk who still votes with the majority, unlike Hoenig who voted to raise rates now, is laying out his own strategy for removing “the massive amount of accommodation” they have “supplied to the economy.” He was specific though in saying he will NOT be “focusing on the choice of when to begin reversing course. That, too, is a difficult issue, but not an unusual one.” His sole focus was thus “the design of an exit strategy.” From a market perspective, we’ve heard before the ‘we got a strategy’ discussion. It’s the WHEN that markets care about and WHEN is still not now, until at least after June 30th as the Fed is run by a majority of doves. After June 30th, they will likely take a step back and see how things unfold before making any decision of what comes next.