Proper size of balance sheet depends on 'as-yet-unknown factors' including future demand for bank reserves

Fed would not need to raise rates 'all that much further' to reach current low estimates of the neutral Fed funds rate

Economy picked up in second quarter aided by household spending, business investment and stronger global economy

'Roughly equal odds' of faster versus slower growth than fed currently projects

Carefully montoring inflation though ascribes recent dip to 'a few unusual' price declines for particular items