Given the central role of effective, firmwide risk management in maintaining strong financial institutions, it is clear that supervisors must redouble their efforts to help organizations improve their risk-management practices...We are also considering the need for additional or revised supervisory guidance regarding various aspects of risk management, including further emphasis on the need for an enterprise-wide perspective when assessing risk.

House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.

If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.

We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

One might as well try to perform brain surgery with a sledgehammer.

It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.