Should-Read: Financial Times: The Fed and ECB keep a cautious eye on the exit https://www.ft.com/content/a0180496-1b7b-11e7-a266-12672483791a: “Making a promise… and then breaking that promise tends to have more severe consequences for central banks…

…building up credibility for fighting deflation is as important, if not more, than keeping inflation down. Whether to hold on to assets and how to dispose of them are tricky technical questions. What should be clear, however, is that the Fed should be in no hurry. It has no need to bow to impatience from Congress or from investors who wrongly opposed QE in the first place. Thanks to their own efforts, central banks have increasingly pleasant tasks to perform, removing emergency measures rather than trying to think of more. But in doing so they must be guided by the same dispassionate technocracy that caused them to go down that route in the first place.