[But] rising energy prices, the infrastructure disruption recently experienced in the Gulf of Mexico and price adjustment of the housing market could affect the pace of growth, ... Given this scenario, we at the Federal Reserve will do our part to help sustain that growth by pursuing a monetary policy that preserves price stability for the long term. |
A number of sectors will need to transition before we can be confident of an acceptable level of economic activity. |
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, |
I am confident that the passing of the torch from Chairman Greenspan to his successor will be smooth and seamless. |
Indications are that the economy is making up much of the lost ground in the current quarter. |
It appears our nation's pattern of payments is finally evolving - some might say it is experiencing a radical change - from one based on paper checks to one based on electronics. |
One reason for such confidence is our country has the biggest stimulus and lowest interest rates we have had for a very long time, |
Our dual mandate of fostering full employment and a stable price environment remains firmly in place, |
our payments system will continue to change as evolutionary forces generate new innovations in payments and new ways to deliver them. |
Our policy appears to be close to neutral now. |
shift gears, moving from its current stance, geared to stimulating a recovery, to a more neutral stance. |
The current level of short-term interest rates cannot be maintained indefinitely, ... However, any policy adjustment need not take place in the near future. |
The outlook is for real gross domestic product to moderate a bit further over the course of the year and next, settling at a sustainable 3.0 pct annual growth pace. |
the U.S. economy has proved to be surprisingly capable of absorbing such shocks and, after a short period, the effects of Katrina are likely to slow but not stall the forward progress of the national economy. |