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Excerpt from The New York Times -- "Kim Schoenholtz, an economics professor at New York University, said the Fed’s bond purchases were particularly effective and important in stabilizing the financial system and stimulating the broader economy in the immediate aftermath of the financial crisis. But he said that the impact of the purchases had diminished as conditions improved, and that it now made sense to end the program. 'I applaud the Fed’s willingness to be aggressive, especially early on in the crisis, and it has made sense for the Fed to run a very accommodative policy,' Mr. Schoenholtz said. 'But we should not be surprised that monetary policy has diminishing returns.'"

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