FACTBOX: Fed policymakers' 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.

TEXT OF FOMC STATEMENT, MARCH 18:

"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."

KANSAS CITY FED PRESIDENT THOMAS HOENIG, MARCH 7:

"In the current situation, monetary stimulus is facing significant headwinds ... In these circumstances, a central bank may have to ease policy more in order to achieve its desired effect.

"There may be a buildup of inflation pressures if monetary policy remains too easy for too long ... Historically it has been more difficult to remove policy accommodation in a timely fashion, which may have consequences for a central bank's longer-term inflation objective."

* FED VICE CHAIRMAN DONALD KOHN, MARCH 7:

"Policy-makers must be mindful of the uncertainties surrounding the outlook for commodity prices and the risk that past or future increases in these goods could yet embed themselves in higher long-run inflation expectations and a persistently faster rate of overall price increases."

* DALLAS FED PRESIDENT RICHARD FISHER, MARCH 7:

"Globalization does not undermine the ability of the Fed ... to control inflation over an appropriate time horizon. But it does challenge us -- you might say it disciplines us -- to conduct monetary policy more prudently."

SAN FRANCISCO FED PRESIDENT JANET YELLEN, MARCH 7:

"The U.S. economy is particularly exposed to downside risks from the unwinding of the housing bubble and disruptions in financial markets.

"There is some slack now in the U.S. labor market and, if these downside economic risks materialize, quite a bit more slack could emerge."

ST. LOUIS FED PRESIDENT WILLIAM POOLE, MARCH 6:

"Insurance against recession is not free. We have to have a balance (between) employment and financial risks with inflation risks. We could surely follow a massively expansionary policy ... but only at a risk of inflation and a bigger recession later."

BOSTON FED PRESIDENT ERIC ROSENGREN, MARCH 6:

"I certainly think it is possible" for the U.S. to steer clear of recession. It is too early to tell how the economy is going to evolve ... For the second quarter people are starting to reduce their forecasts.

"As long as housing prices continue to fall, the decline increases the risks to borrowers, lenders, markets and the economy."

* CLEVELAND FED PRESIDENT SANDRA PIANALTO, MARCH 5:

"Because credit contractions can emerge and spread rather quickly, the central bank must be prepared to act in an aggressive and timely manner to counteract their effects. And indeed, the Federal Reserve's policy actions since last August have been designed to ease the strains in financial markets and to counteract a projected weakening in economic activity."

* FED VICE CHAIRMAN DONALD KOHN, MARCH 4:

"The U.S. banking system is facing some challenges, but remains in sound overall condition, having entered the period of recent financial turmoil with solid capital and strong earnings."

* FED GOVERNOR FREDERIC MISHKIN, MARCH 4:

"I continue to expect a period of economic weakness in the near term that should be offset to a degree in future quarters by the monetary easing already in place and the fiscal stimulus package. Nonetheless, the economy faces significant downside risks that could contribute to a worse outcome. Key among those risks is a worse-than-expected outcome in the housing market as a result of more adverse housing-price dynamics."

* DALLAS FED PRESIDENT RICHARD FISHER, MARCH 4:

"Containing inflation is the purpose of the ship I crew for. If a temporary economic slowdown is what me must endure while we achieve that purpose, then it is, in my opinion, a burden we must bear, however politically inconvenient.

"We cannot, in my opinion, confidently assume that slower U.S. economic growth will quell U.S. inflation, and, more importantly, keep inflationary expectations anchored."

* PHILADELPHIA FED PRESIDENT CHARLES PLOSSER, MARCH 3:

"The severity of events affecting the smooth functioning of financial markets suggests that rates, perhaps, should be somewhat lower than simple rules might suggest.

"Departures from the more systematic elements of making policy decisions must be relatively transitory and reversed in due course if we are to keep expectations of future inflation well anchored."

CHICAGO FED PRESIDENT CHARLES EVANS, FEB 29:

"When (rate cut) insurance proves to be no longer necessary, removing it promptly and recalibrating policy to appropriate levels will reiterate and reinforce our commitment" to the goals of price stability and maximum employment.

(Editing by Tom Hals)