"We've been patient in removing accommodation, and I think that patience has served us well," he said.
Increase in flow density or thickness, or decrease in grain-size reduce the gradient and remove accommodation, leading to erosional channels.
When the Fed eventually removes accommodation, rates will rise, markets will fall, economic growth will suffer, and the world will not end.
It shows that spare capacity in the wider economy is being eroded and we are moving closer to the point where the BoE will consider removing policy accommodation.
"We have spent considerable effort in developing the tools we will need to remove policy accommodation, and we are fully confident that at the appropriate time we will be able to do so effectively".
When the committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.
"On the other hand, a few members viewed the increase in inflation risks as suggesting that economic conditions might well evolve in a way that would warrant the committee taking steps to begin removing policy accommodation sooner than currently anticipated".
"The persistence of solid gains in output and employment along with indications of some increase in inflation were seen as warranting a first step in the process of removing policy accommodation," the minutes said.
"We expect to see solid job growth continue, but we do need, if things continue on their current course, to gradually remove the accommodation that is there," she said.
Past experience with the zero lower bound, Charlie argued, also counsels patience as history has not looked kindly on attempts to prematurely remove monetary accommodation from economies: "The costs of being mired in the zero lower bound are simply very large".
