Now, of course, I fully realize that I have participated in just one FOMC meeting to date, so my remarks today will not come with a patina earned from long experience as a monetary policymaker.
Given the enormous rise in public deficits and the strain this will put on future budgets, the fiscal exit strategy will have to kick in as soon as the recovery has firmed up, which means no later than 2011. Reigning in deficits will require significant improvements in the structural balance ratio.