It takes about two and a half percent growth just to keep unemployment stable.

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

How much would you pay to avoid a second Depression?

Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.

The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.

The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.

It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions