Now that the decision on the operating framework has been made, a natural next step is to contemplate the appropriate size of the Fed's balance sheet and reserves and the process for getting there.
Returns were held up first by inflation (although, to some extent, this was illusory) and then by an asset price boom that lasted from 1983 to 2000 - the final instalment of which reached bubble proportions in many countries. We are presently witnessing the unwinding of this unsustainable situation.