The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.

Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.

The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.

...the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals

I think that having good data, good statistics-and the United States generally has better macroeconomic statistics than most countries-and having good economists to interpret those data and present the policy alternatives, has a substantially beneficial effect on policymaking in the United States.

The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

A money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.