While the Fed, courtesy of its $4.5 trillion in assets, is boxed in a monetary corner from which there is no "renormalization" exit, at least no exit that doesn't involve an epic market crash, one place where Yellen and her peers are normalizing is the verbal transmission mechanism, aka the statement jawboning. Because after peaking at 895 words in September 2014, the April 2015 statement had a paltry 560 words, barely notable by Fed QE standards.
In fact, at 560 words, this was not only the lowest wordcount of any FOMC statement since October 2012, just before QE3 was launched in December of 2012, but actually had fewer words than Hilsenrath's 608 words "explainer" of what the Fed just said.
