FOMC/FOMC20070628meeting/FOMC20070628meeting--218.txt MS. SMITH Chairman Bernanke Yes Vice Chairman Geithner Yes President Hoenig Yes Governor Kohn Yes Governor Kroszner Yes President Minehan Yes Governor Mishkin Yes President Moskow Yes President Poole Yes Governor Warsh Yes '' FOMC/FOMC20071031meeting/FOMC20071031meeting--159.txt MR. LOCKHART The downside risks to economic growth and the evidence of lingering liquidity issues are to me good arguments for taking steps that insure against an inadvertently restrictive policy stance . FOMC/FOMC20070807meeting/FOMC20070807meeting--69.txt MR. PLOSSER While there is nervousness caused by the recent volatility in the financial markets , businesses do not yet see that affecting their current growth or prospects for future growth . FOMC/FOMC20070807meeting/FOMC20070807meeting--69.txt MR. PLOSSER I also think that there is some risk of temporary weakness in business fixed investment going forward simply because of increased uncertainty . FOMC/FOMC20070807meeting/FOMC20070807meeting--69.txt MR. PLOSSER Banks are comfortable with their lending standards and do not expect to make any big changes along this dimension in the foreseeable future . FOMC/FOMC20071211meeting/FOMC20071211meeting--140.txt MR. KOHN I would n't object , Mr. Chairman , if someone found some language to put a little more sense of downside risks about the outlook somewhere in the alternative B statement . FOMC/FOMC20070509meeting/FOMC20070509meeting--63.txt MS. PIANALTO So my inflation projection represents my interpretation of appropriate monetary policy -- namely one that will bring core PCE in under 2 percent . FOMC/FOMC20070509meeting/FOMC20070509meeting--63.txt MS. PIANALTO Once inflation expectations drag their anchor a little , it 's difficult and costly to get them re-anchored ; and this , I think , remains the biggest risk that we face as a Committee . FOMC/FOMC20071211meeting/FOMC20071211meeting--111.txt MR. KOHN So the damping effect of lower Treasury rates on the cost of conforming housing credit will be held down . FOMC/FOMC20071211meeting/FOMC20071211meeting--111.txt MR. KOHN Indeed , a number of indicators point to a net tightening of credit conditions across a range of borrowing sources over the intermeeting period , and that tightening will persist past the New Year . FOMC/FOMC20071211meeting/FOMC20071211meeting--111.txt MR. KOHN With regard to activity outside of housing , like many others who have spoken today , I see the most notable development as the flattening-out of consumption spending in September and October . FOMC/FOMC20070918meeting/FOMC20070918meeting--101.txt MS. YELLEN Moreover , survey measures of consumer confidence are down , and these results probably do incorporate early effects from the recent financial shock . FOMC/FOMC20070918meeting/FOMC20070918meeting--101.txt MS. YELLEN Like most observers , I 've concluded that these data taken together support a small upward revision in my estimate of third-quarter growth . FOMC/FOMC20071206confcall/FOMC20071206confcall--75.txt MR. LACKER Banks are paying a lot for insurance against term funding costs to them going up , and a lot of banks are forgoing large spreads in order to marshal their resources . FOMC/FOMC20070807meeting/FOMC20070807meeting--57.txt MS. YELLEN This adjustment reinforces the work of productivity experts at the Board and elsewhere who had previously found evidence of a slowdown in underlying productivity growth . FOMC/FOMC20071211meeting/FOMC20071211meeting--82.txt MS. YELLEN Data on house sales , prices , and construction have been downbeat , and foreclosures on subprime loans have moved even higher . FOMC/FOMC20070131meeting/FOMC20070131meeting--397.txt MR. MISHKIN If the Committee then had to change the path , which it surely might at some point , it could be accused of flip - flopping , which would create severe problems for the Committee . FOMC/FOMC20070918meeting/FOMC20070918meeting--9.txt MR. DUDLEY So we do n't know exactly how we 're doing in terms of tracking the reserve provisions relative to our forecast in real time . FOMC/FOMC20071211meeting/FOMC20071211meeting--162.txt MS. DANKER Chairman Bernanke Yes Vice Chairman Geithner Yes President Evans Yes President Hoenig Yes Governor Kohn Yes Governor Kroszner Yes Governor Mishkin Yes President Poole Yes President Rosengren No Governor Warsh Yes '' FOMC/FOMC20070321meeting/FOMC20070321meeting--3.txt MR. DUDLEY Nevertheless , the potential gap between market expectations and the Committee 's interest rate expectations may pose a bit of a conundrum for the Committee . FOMC/FOMC20070321meeting/FOMC20070321meeting--3.txt MR. DUDLEY As shown in exhibit 13 , the June 2008/June 2007 Eurodollar calendar spread is now inverted by about 60 basis points . FOMC/FOMC20070321meeting/FOMC20070321meeting--3.txt MR. DUDLEY Second , I want to talk a little about the decline in U.S. equity prices and the accompanying rise in actual and implied price volatility . FOMC/FOMC20070816confcall/FOMC20070816confcall--72.txt MR. LACKER This looks like a price-discovery process in the sense that information is emerging and being digested and market participants are groping toward a mutually consistent view . FOMC/FOMC20070816confcall/FOMC20070816confcall--22.txt MR. KOHN The Federal Reserve will continue to accept a broad range of collateral for discount window loans , including home mortgages and related assets . FOMC/FOMC20070918meeting/FOMC20070918meeting--132.txt MR. MADIGAN The modal outlook in the staff 's Greenbook forecast would seem to argue clearly for policy easing before long . FOMC/FOMC20070807meeting/FOMC20070807meeting--140.txt MR. LACKER The real effect it had was altering the then-current and expected path of the real overnight federal funds rate . FOMC/FOMC20070807meeting/FOMC20070807meeting--67.txt MR. HOENIG 65 , MR. HOENIG. , '' Mr. Chairman , the Tenth District economy overall continues to perform well , with strength in energy and agriculture partially offset by the weaknesses in residential construction . FOMC/FOMC20071031meeting/FOMC20071031meeting--6.txt MR. DUDLEY You can see that by the fact that U.S. 10-year Treasury note yields are still fairly low , trading around 4.4 percent . FOMC/FOMC20071031meeting/FOMC20071031meeting--6.txt MR. DUDLEY Exhibits 20 and 21 show the primary dealer forecasts for the federal funds rate before the September and the current FOMC meetings . FOMC/FOMC20070918meeting/FOMC20070918meeting--6.txt MR. DUDLEY In the mortgage sector , depository institutions will undoubtedly -- at the right price -- take up the slack in the prime jumbo mortgage market . FOMC/FOMC20070918meeting/FOMC20070918meeting--6.txt MR. DUDLEY Moreover , this softness in the dollar does not appear to signal any fundamental shift in the willingness of foreign investors to hold dollar-denominated assets . FOMC/FOMC20070918meeting/FOMC20070918meeting--6.txt MR. DUDLEY This pressure on bank balance sheets -- both existing and anticipated -- has led to significant dysfunction in financial markets . FOMC/FOMC20071031meeting/FOMC20071031meeting--214.txt MS. DANKER Chairman Bernanke Yes Vice Chairman Geithner Yes President Evans Yes President Hoenig No Governor Kohn Yes Governor Kroszner Yes Governor Mishkin Yes President Poole Yes President Rosengren Yes Governor Warsh Yes '' FOMC/FOMC20070807meeting/FOMC20070807meeting--195.txt MS. DANKER Chairman Bernanke Yes Vice Chairman Geithner Yes President Hoenig Yes Governor Kohn Yes Governor Kroszner Yes Governor Mishkin Yes President Moskow Yes President Poole Yes '' FOMC/FOMC20070918meeting/FOMC20070918meeting--111.txt MR. EVANS Turning to the national outlook , three broad developments since our August meeting have influenced my views on the economic situation . FOMC/FOMC20070918meeting/FOMC20070918meeting--111.txt MR. EVANS Retailers thought that continued high energy prices were holding back consumers , but demand was not seen as deteriorating sharply . FOMC/FOMC20070131meeting/FOMC20070131meeting--316.txt MS. DANKER Chairman Bernanke Yes Vice Chairman Geithner Yes Governor Bies Yes President Hoenig Yes Governor Kohn Yes Governor Kroszner Yes President Minehan Yes Governor Mishkin Yes President Moskow Yes President Poole Yes Governor Warsh Yes '' FOMC/FOMC20071206confcall/FOMC20071206confcall--83.txt MS. YELLEN I 'm also concerned that it wo n't change the cost of funding at the margin , as President Poole argued .