Fed's Plosser (hawk, non-voter): I still do not believe that QE is very effective; fine tuning QE will be a very difficult thing to accomplish - CNBC - Fed clearly missed opportunity to taper in September. - FOMC operates on a consensus basis. - Fed can do very little about the near-term situation. - Fed is having a hard time communicating about its balance sheet tool and "disentangling" it from its interest rate tool.