The FOMC decision to allow Bernanke to lay out the plan for reducing QE was "inappropriately timed," says St. Louis Fed chief Jim Bullard, explaining his dissent, and wondering how the committee can allow the announcement of a less accommodative approach at the same time it cuts its economic outlook for 2013. "Policy action should be undertaken to meet policy objectives, not calendar objectives," he adds, taking issue with Bernanke suggesting QE could end this time next year.