They see it all about managing expectations.

So with the announcement they managed interest rate expectations a bit lower out to 2013.

But now they are concerned they managed expectations about economic growth and employment lower as well, which they believe works to lower actual growth and employment.

So now they are trying to adjust both a bit back in the other directions.

*DJ Fed’s Plosser: FOMC Statement On Econ Too Negative -Bloomberg Radio
*DJ Fed’s Plosser: Extending Policy To ’13 `Inappropriate’ -Bloomberg Radio
*DJ Fed’s Plosser: Expects Will Have To Raise Rates Before ’13 -Bloomberg Radio