"While we wait to observe the impact of the policy, we can nonetheless appreciate the pragmatism and intellectual flexibility of the FOMC. Though behind the curve for much of the recovery, it has evolved relatively quickly over the past year in response to changing data and a changing academic debate. Perhaps it will evolve a bit more if conditions demand it."
... and from Brad DeLong, making the matter slightly clearer:
"THE FEDERAL RESERVE: THREE YEARS LATE--BUT THEY DID IT!!"