The Fed is not just about the chair, Bill Dudley tells CNBC, and policy under Yellen's leadership should be pretty consistent with today's.
Last week's non-taper was not inconsistent with Bernanke's previous statements, he says, and the taper remains on the table at some point this year - data dependent, of course.
In other news, the Washington Post reports the Fed is considering even more explicit forward guidance in which it would pledge not to hike rates as long as inflation stays low. The current pledge is not to hike until UE falls below 6.5% or inflation rises above 2.5%. This new prong to guidance would be a promise not to move while inflation is below a certain target.