The Fed sees QE ending in October or November with rate hikes beginning in 2015, says Philadelphia Fed chief Charles Plosser, appearing on CNBC. His view is of a Fed Funds rate at "2-something" by the end of 2015 and 3% by the end of 2016. "My dot is 3% at the end of 2016."
He finds the market reaction to Yellen's press conference last week puzzling as the Fed did not change its policy position. In any case, he's more comfortable talking about economic conditions rather than dates.