Our dual mandate of fostering full employment and a stable price environment remains firmly in place,
A number of sectors will need to transition before we can be confident of an acceptable level of economic activity.
I am confident that the passing of the torch from Chairman Greenspan to his successor will be smooth and seamless.
our payments system will continue to change as evolutionary forces generate new innovations in payments and new ways to deliver them.
We have been moving monetary policy toward neutrality for some time, and our policy appears to be close to neutral now.
Any policy adjustment need not take place in the near future,
As we have seen with oil and gas, the supply side impairment itself automatically puts upward pressure on prices. Simultaneously stimulating demand would only exacerbate those price pressures,
The current level of short-term interest rates cannot be maintained indefinitely, ... However, any policy adjustment need not take place in the near future.
To keep cyclical price pressures and any transitory spike in energy prices from permanently disrupting the price environment, the Fed will have to continue shifting monetary policy from its current somewhat accommodative stance to a more neutral one,
Indications are that the economy is making up much of the lost ground in the current quarter.
