FOMC/FOMC20070509meeting/FOMC20070509meeting--80.txt MR. KOHN. I confess that for ’07 I committed the sin of thinking things were more uncertain than usual , Mr. Chairman . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_16,_2005_Fed_Reserve/CHRG-109shrg21981--204.txt PREPARED STATEMENT OF ALAN GREENSPAN Chairman , Board of Governors of the Federal Reserve System February 16 , 2005 Mr. Chairman and Members of the Committee , I am pleased to be here today to present the Federal Reserve 's Monetary Policy Report to the Congress . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_16,_2005_Fed_Reserve/CHRG-109shrg21981--204.txt Neither the large surge in output per hour from the first quarter of 2003 to the second quarter of 2004 , nor the more recent moderation was easy to anticipate . FOMC2008_csv/FOMC20080430meeting--87.txt MR. EVANS. Accordingly , I think that current real interest rates are appropriately accommodative relative to the baseline forecast for economic growth and the risk to that outlook . FOMC/FOMC20060920meeting/FOMC20060920meeting--142.txt MR. KOHN. In sum , Mr. Chairman , I 'm a bit more comfortable with something like the path for the economy and inflation in the Greenbook forecast , but uncertainties are quite high . FOMC/FOMC20060131meeting/FOMC20060131meeting--99.txt MR. HOENIG. If the decline reverses faster than expected , both would be significantly weaker as shown by the Greenbook alternative scenario . FOMC/FOMC20050630meeting/FOMC20050630meeting--385.txt MR. REINHART. Indeed , the 1-year forward rate maturing 10 years hence -- line 4 -- shed 179 basis points over the past year . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_July_18,_2007_Fed_Reserve/CHRG-110hhrg38392--11.txt In establishing these hearings -- Mr. Hawkins and Mr. Humphrey were mentioned -- the Congress proved prescient in anticipating the worldwide trend toward greater transparency and accountability of central banks in making monetary policy . FOMC2008_csv/FOMC20081216meeting--88.txt MS. PIANALTO. I support your view , Mr. Chairman , that we should keep our focus on expanding the asset side of our balance sheet . FOMC/FOMC20070321meeting/FOMC20070321meeting--113.txt MR. KOHN. Good growth in labor demand could suggest a stronger path for demand and less slack than the staff is estimating . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_24,_2009_Fed_Reserve/CHRG-111shrg50814--210.txt In particular , in September and November 2008 , the Federal Reserve established several credit facilities , including a Revolving Credit Facility , to further these objectives . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_July_20,_2005_Fed_Reserve/CHRG-109hhrg23738--11.txt Mr. Greenspan , '' Mr. Chairman and members of the committee , I am pleased to be here to present the Federal Reserve 's Monetary Policy Report to the Congress . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_21,_2005_Fed_Reserve/CHRG-109shrg24852--20.txt Mr. Chairman , to what extent does the Federal Open Market Committee consider the long-term interest rate in pursuing changes to the Federal funds rate ? FOMC2008_csv/FOMC20080130meeting--74.txt MS. LIANG. We also present projections based on the Greenbook recession alternative with the additional assumption that national house prices fall 20 percent . FCIC/FCICFirstHearing/FinancialCrisisInquiry--598.txt In a way you 're investigating what caused this , but we 're still in the middle of this crisis from the point of view of the consumer , and -- and Main Street . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_21,_2005_Fed_Reserve/CHRG-109shrg24852--117.txt Higher levels of investment relative to consumption build up the capital stock and thus add to the productive potential of an economy . CongressionalHearings/Dodd-Frank/CHRG-111shrg56415/CHRG-111shrg56415--83.txt Finally , I will address the Federal Reserve 's regulatory and supervisory responses to these challenges.Conditions in Financial Markets and the Economy Conditions and sentiment in financial markets have continued to improve in recent months . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53234/CHRG-111hhrg53234--37.txt Mr. Vice Chairman , you a moment ago articulated Congress ' mandate to the Federal Reserve with respect to maximum employment and to price stability . FOMC/FOMC20051101meeting/FOMC20051101meeting--117.txt MS. YELLEN. -LSB- Laughter -RSB- Also in contrast to the Greenbook , I see no significant pressure for higher inflation coming from increased inflation expectations . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53234/CHRG-111hhrg53234--161.txt I think this loss of Federal Reserve independence is a serious issue , especially at this time of rapidly growing Federal debt and greatly expanded Federal Reserve balance sheet . CongressionalHearings/Dodd-Frank/CHRG-111hhrg53234/CHRG-111hhrg53234--161.txt My fourth concern is that by giving so much new power to the Federal Reserve , that the plan would actually threaten the Fed 's independence regarding monetary policy . FOMC/FOMC20070628meeting/FOMC20070628meeting--115.txt MS. MINEHAN. Turning to the nation , I was pleased to see that incoming data validated the substantial pickup in second-quarter growth that we , along with the Greenbook , had forecasted . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_21,2010_Fed_Reserve/CHRG-111shrg62643--230.txt The Federal Reserve 's legal authority largely limits Federal Reserve purchases of securities to Treasury , agency , and agency-guaranteed securities . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_22,2009_Fed_Reserve/CHRG-111shrg55117--132.txt Those factors influencing nominal Treasury yields have made it particularly difficult recently to draw inferences about expected inflation from the TIPS market . FOMC/FOMC20050503meeting/FOMC20050503meeting--88.txt MR. HOENIG. We 've seen inflation rise over the last year in the presence of sizable slack and a rising funds rate . FOMC/FOMC20050503meeting/FOMC20050503meeting--88.txt MR. HOENIG. 86 , MR. HOENIG. , '' Mr. Chairman , I 'll start off by repeating the obvious : There have been a couple of surprises since our last FOMC meeting . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_July_21,2010_Fed_Reserve/CHRG-111shrg62643--172.txt Mr. Bernanke , '' Again , forecasts are very uncertain , but I do not view deflation as a near-term risk for the United States . FOMC/FOMC20071211meeting/FOMC20071211meeting--118.txt CHAIRMAN BERNANKE. Stocks have come back a bit from their so-called correction , although I should say that this is conditional on a lot of expected easing by the Federal Reserve . FOMC2008_csv/FOMC20080130meeting--176.txt MR. PLOSSER. But the policy assumptions that I make to achieve the forecasted outcomes for the intermediate term are different from the Greenbook 's . FOMC2008_csv/FOMC20080805meeting--3.txt MR. DUDLEY. We would n't expand these programs if we did n't have the ability to conduct offsetting reserve draining operations . FOMC2008_csv/FOMC20080625meeting--99.txt CHAIRMAN BERNANKE. Financial conditions in the housing market remain important downside risks to growth , with the spurt in oil prices adding to those risks . FOMC/FOMC20060808meeting/FOMC20060808meeting--102.txt MR. LACKER. So it 's not clear that inflation compensation and inflation expectation measures are contained in a way that 's consistent with a long-run inflation objective around 1.5 percent . FOMC/FOMC20060131meeting/FOMC20060131meeting--87.txt MR. SANTOMERO. In addition , the fact that our firms have not yet changed their capital spending plans for 2006 suggests that their outlook remains positive . FOMC/FOMC20051101meeting/FOMC20051101meeting--119.txt MR. LACKER. The extent to which energy price increases pass through to core inflation is fundamentally determined by the public 's expectations regarding future monetary policy . FOMC/FOMC20070628meeting/FOMC20070628meeting--36.txt MS. LIANG. We expect that institutional investors will continue to pursue loans until expected returns decline , perhaps through tighter spreads or lower recovery rates on loans . FOMC/FOMC20050809meeting/FOMC20050809meeting--3.txt MR. KOS. During the intermeeting period , market participants confronted the surprise Chinese revaluation , strong domestic data , and high oil prices . FOMC/FOMC20060131meeting/FOMC20060131meeting--83.txt MR. MOSKOW. 81 , MR. MOSKOW. , '' With restraint , Mr. Chairman , most of our contacts this round were positive about current business conditions . CongressionalHearings/Dodd-Frank/CHRG-111shrg55479/CHRG-111shrg55479--140.txt If regulation to strengthen shareholder rights does not occur at the Federal level , it will be up to the States to move forward .