On one hand he said that:

US ECONOMY NOW QUITE CLOSE TO NORMAL

And on the other:

WANTS TO RETURN TO '84-'07 MACROECONOMIC EQUILIBRIUM; NO REASON TO CONT EXPERIMENTING W/EXTREME POL SETTING

Adding that the Fed "may need to alter some fundamental assumptions about how Fed policy works if U.S. stays in persistent state of low nominal rates, low inflation." Like what - hiking rates? Or cutting rates to negative?

So "close to normal"if one excludes the 7 years of ZIRP and the $2.6 trillion in excess reserves. And all it would take to return to 3.5% GDP growth is unwinding $13 trillion in artificial central bank supports of a global economy that would otherwise be in a depression.