What would Michael Woodford say?

Or rather what did he say?  He is (justifiedly) considered one of the high priests of monetary expansion.  Yet when it comes to recent events:

 He welcomes the Fed’s intention to taper off its purchases of Treasury securities and mortgage debt, though he says the central bank could be clearer about the rationale.

“As the Fed’s balance sheet gets bigger, the bar to justify additional purchases does start getting higher,” Woodford says. “This could have been made clearer from the beginning, avoiding confusion about the significance of tapering now.”

The full story is here.