FACTBOX: U.S. Fed policymakers' recent comments

CHICAGO (Reuters) - The following is a summary of recent comments by Federal Reserve policymakers:

* Denotes 2009 voting member of the Federal Open Market Committee, which sets U.S. monetary policy.

* FED CHAIRMAN BEN BERNANKE, AUG 25:

"The Federal Reserve, like other economic policymakers, has been challenged by the unprecedented events of the past few years. We have been bold or deliberate as circumstances demanded, but our objective remains constant: to restore a more stable economic and financial environment in which opportunity can again flourish, and in which Americans' hard work and creativity can receive their proper rewards."

FED BOARD GOVERNOR DANIEL TARULLO, AUG 25:

"While we have seen some leveling out of economic activity and can reasonably anticipate the resumption of economic growth, the recovery may well be gradual and halting."

"The stabilization we have seen in the housing market does not mean the end of the wave of foreclosures breaking upon so many neighborhoods across the nation."

* FED VICE CHAIRMAN DONALD KOHN, AUG 22:

"The commitment to low rates is designed to keep inflation from falling and falling persistently below what we might want it to be for a long time. ... It's not designed to raise inflation expectations."

ST. LOUIS FED PRESIDENT JAMES BULLARD, AUG 21:

Financial markets have not fully understood that the Fed's pledge to keep interest rates low for an extended period means they will stay low beyond when officials normally would raise them, Bullard said in an interview. "I don't think markets have really digested what that means."

* FED CHAIRMAN BEN BERNANKE, AUG 21:

"Economic activity appears to be leveling out, both in the United States and abroad, and prospects for a return to growth in the near term appear good.

"Recovery is likely to be relatively slow at first, with unemployment declining only gradually from high levels.

"Although we have avoided the worst, difficult challenges still lie ahead. We must work together to build on the gains already made to secure a sustained economic recovery and a new financial regulatory framework."

TEXT OF FED STATEMENT FROM AUG 11-12 MEETING:

"Information received since the FOMC met in June suggests that economic activity is leveling out. Conditions in financial markets have improved further in recent weeks. Household spending has continued to show signs of stabilizing but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing but are making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

"The prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.

"In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

"As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Fed will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Fed is in the process of buying $300 billion of Treasury securities. To promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Fed is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted."

* NEW YORK FED PRESIDENT WILLIAM DUDLEY, JULY 29:

"Credit availability will be constrained for some time to come, and this will serve to limit the pace of the recovery.

"If the recovery does, in fact, turn out to be lackluster, the unemployment rate is likely to remain elevated and capacity utilization rates unusually low for some time to come. This suggests that inflation will be quiescent."

* SAN FRANCISCO FED PRESIDENT JANET YELLEN, JULY 28:

"We glimpse the first solid signs that economic growth may be poised to resume. Indeed, I expect that to happen some time this year ... A gradual recovery means that things won't feel very good for some time to come."

"I can assure you that we will act decisively and appropriately to tighten the stance of monetary policy and maintain price stability."

* FED CHAIRMAN BEN BERNANKE, JULY 26:

"I was not going to be the Federal Reserve Chairman who presided over the second Great Depression."

"Once the economy starts to grow, and begins to move ahead, it will be very important for the Fed to start to unwind, to raise interest rates."

(Reporting by Ros Krasny)