FACTBOX: U.S. Fed policy-makers' recent comments

CHICAGO (Reuters) -The following is a summary of recent comments by Fed policy-makers:

* Denotes 2008 voting member of the Federal Open Market Committee, which sets U.S. monetary policy.

* FEDERAL RESERVE CHAIRMAN BEN BERNANKE, APRIL 10:

"We do not have the luxury of waiting for markets to stabilize before we think about the future. ... Indeed, many of the necessary changes that have been identified, including increased transparency, improving risk management, and attaining better coordination among regulators, could provide important support to the process of normalizing our financial markets."

* DALLAS FED PRESIDENT RICHARD FISHER, APRIL 9:

"If we turn up the (monetary) spigot too forcefully, we will flood and kill the grass (of the economy) with inflation.

"Until the confusion and debris are cleared away, financial intermediaries will be reluctant to book new loans or incur additional risk. This retards the impact of additional monetary accommodation."

SAN FRANCISCO FED PRESIDENT JANET YELLEN, APRIL 3:

"It appears that growth in consumption and business investment spending has slowed markedly after years of robust performance, and, as a result, the economy has all but stalled and could contract over the first half of the year.

The FOMC must be "prepared to act in a timely manner to promote a return of the economy to a sustainable path.

* FEDERAL RESERVE CHAIRMAN BEN BERNANKE, APRIL 3:

"Further actions will have to depend on how the economy evolves, and we are looking of course at both sides of our mandate, growth and inflation."

* FEDERAL RESERVE CHAIRMAN BEN BERNANKE, APRIL 2:

"Overall, the near-term economic outlook has weakened relative to the projections released by the FOMC at the end of January. It now appears likely that real gross domestic product will not grow much, if at all, over the first half of 2008 and could even contract slightly.

"We expect economic activity to strengthen in the second half of the year, in part as the result of stimulative monetary and fiscal policies; and growth is expected to proceed at or a little above its sustainable pace in 2009, bolstered by a stabilization of housing activity, albeit at low levels, and gradually improving financial conditions.

"However, in light of the recent turbulence in financial markets, the uncertainty attending this forecast is quite high and the risks remain to the downside."

* PHILADELPHIA FED PRESIDENT CHARLES PLOSSER, MARCH 28:

"Inflation is a very real phenomenon out there. It is there. We have to protect our credibility.

"Price stability is not only a worthwhile objective in its own right. It is also the most effective way monetary policy can contribute to economic conditions that foster the Fed's other two objectives: maximum employment and moderate long-term interest rates."

* BOSTON FED PRESIDENT ERIC ROSENGREN, MARCH 28:

"It is too soon to call whether or not we are in a recession. But regardless of what you call it, it is a period of very slow growth.

"Slow growth does have the implication that you would expect a gradual increase in the unemployment rate."

* FED BOARD GOVERNOR FREDERIC MISHKIN, MARCH 27:

"This is as complicated a policy environment as you can get, with supply shocks that are inflationary at the same time that we have shocks that are contractionary from the financial sector. ... You want to stabilize inflation so that you stabilize output as well. And what is important in that context is that you stabilize inflation in the longer run."

ATLANTA FED PRESIDENT DENNIS LOCKHART, MARCH 27:

"It's clear the economy is in a slowdown that resembles past periods that were the leading edge of a recession.

"In considering the current economic situation, I believe that an important policy objective at this juncture is to ensure that this slowdown is short and shallow. Financial stability must be a central concern at this time."

* MINNEAPOLIS FED PRESIDENT GARY STERN, MARCH 27:

"People should be under no illusions that even if policy is reasonably effective and reasonably timely that given the disruptions we've had with the financial sector and implications for the outlook...some of this (weakness) is now baked in the cake.

* CLEVELAND FED PRESIDENT SANDRA PIANALTO, MARCH 27:

"Collectively, these innovations provide for much longer terms of lending, broader types of collateral, a wider class of counterparties, and a tighter spread between the primary credit rate and the target federal funds rate."

* FED BOARD GOVERNOR RANDALL KROSZNER, MARCH 27:

"Effective consumer protection can help to restore confidence in the mortgage markets and help to preserve the flow of capital to consumers who wish to purchase a home."

FOMC STATEMENT, MARCH 18:

"The FOMC decided today to lower its target for the federal funds rate 75 basis points to 2-1/4 percent.

"Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened.

"Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.

"Inflation has been elevated, and some indicators of inflation expectations have risen. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook has increased. It will be necessary to continue to monitor inflation developments carefully.

"Today's policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, downside risks to growth remain. The Committee will act in a timely manner as needed to promote sustainable economic growth and price stability."

(Reporting by Ros Krasny; Editing by Leslie Adler)