Fed's Dudley (dove, FOMC voter): there is much uncertainty about the Fed exit and future monetary policy framework; Fed could make test reverse repos fully operational "at a future date" - Given all the new tools the Fed has implemented during the crisis, "there is an open question" as to how the Fed will conduct monetary policy in the future. - The impact of the QE program is not fully understood. "We don't understand fully how large-scale asset purchase programs work to ease financial market conditions: Is it the effect of the purchases on the portfolios of private investors, or alternatively is the major channel one of signaling?" - There could be "unintended consequences" when the Fed moves toward normalizing monetary policy in the future. We don't have any experience with the challenges of exiting this unprecedented level of accommodative policy. - Fed policy is targeted at the US, but Fed keeps the global impact in mind when making policy.