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J.B.: The chairman is right to emphasize the difference between removing accommodation versus actual tightening of policy.
"We've been patient in removing accommodation, and I think that patience has served us well," he said.
"It is always an issue … that in the recovery period you have to pick the right moment to begin removing accommodation and taking away the punch bowl," Bernanke said, referring to the famous central bank line about the difficulty of raising interest rates when the economy gathers steam because no one wants to stop the party.
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Increase in flow density or thickness, or decrease in grain-size reduce the gradient and remove accommodation, leading to erosional channels.
Those officials "noted examples of past instances in which policy makers had prematurely removed accommodation, with adverse effects on economic growth, employment and price stability," it said.
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.
"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.
The statement also seemed to suggest that inflation and inflation expectations will play a larger role in determining the appropriate time to begin removing policy accommodation.
(But) when the child is anxious but still attending school removing the accommodations and replacing them with supportive messages.... is usually enough". To be sure, this is not a ratification of the 70's style of parenting where kids were expected to endure all kinds of trauma and anxiety and just get on with it.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com