Fed's Harker: Fed should not jump to conclusions on fiscal stimulus

Philadelphia Fed President Patrick Harker crossed the wires, via Reuters, suggesting that the Federal Reserve could begin shrinking its portfolio of bonds as soon as this year.

Key quotes (via Reuters)

• Could begin trimming bond portfolio late this year or next year
• Should shrink portfolio 'smoothly' to minimize distortions to market
• Still unclear how much Fed should ultimately shrink balance sheet
• Congressional failure to revamp healthcare law evidence that Fed should not jump to conclusions on fiscal stimulus