Michael Moskow Quotations

I was surprised they wanted to talk about education.

I am starting to hear more anecdotes about softening in housing markets, and seeing more reports that home prices are growing at a slower rate,

If inflation or inflation expectations were to rise persistently, then policy clearly would have to be tightened further,

If inflation expectations did become unhinged, this might require a stronger response,

There is no evidence the Fed is less effective in monetary policy

History will show Alan Greenspan did an outstanding job. He's just steeped in economics. He knows the data better than probably just about anyone else I know.

It is appropriate to maintain an accommodative monetary policy stance, in order to provide some insurance against unwelcome disinflation,

is about as low as the unemployment rate can go on a sustained basis.

Rising oil prices, like other unfavorable price shocks, can also feed through and raise underlying core inflation, ... So there is also a risk on the inflation front, and the risk is higher now than it was a year ago.

Participants in the markets are working actively to figure out alternative distribution routes and alternative transportation systems to move their products,

We still believe that (there is) excess capacity in the economy,

roughly consistent with an economy operating at potential.

For me, appropriate policy means that we continue to reduce accommodation and return to a neutral federal funds rate,

Even without an increase in inflation expectations, it will take appropriate monetary policy to keep inflation well contained,

It will take appropriate monetary policy to keep inflation and inflation expectations well contained. For me, at this time, such policy likely entails further removal of policy accommodation,

Inflation currently is near the upper end of the range that I feel is consistent with price stability. As such, I believe monetary policy must be vigilant.

I'm concerned about core inflation running at the upper end of the range that I feel is consistent with price stability.

I don't see any sign of housing activity having a significant slowdown on a national basis going forward,

I don't think anyone can answer whether the Fed is going to have to tighten beyond neutral, ... You have to be looking at the economy going forward and that changes as additional data comes in.

These gradual aggregate changes would allow time for any appropriate recalibration of policy -- if, in fact, one is needed,