FACTBOX: 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.

RICHMOND FED PRESIDENT JEFFREY LACKER, JAN 18:

"The incoming data arriving in the last several weeks has certainly made me more willing to contemplate rate cuts. It has certainly altered my outlook.

"Inflation is still higher than I would like to see it personally. ... I just don't think it is a sensible strategy to put our inflation objectives on the shelf for the duration."

* DALLAS FED PRESIDENT RICHARD FISHER, JAN 17:

"As a voter on the FOMC this year, I stand ready to take substantive action to support growth and provide insurance against downside risk, as long as inflation expectations remain contained.

"The degree of substantive action ... will be conditioned to what we see coming down the inflation pike."

ATLANTA FED PRESIDENT DENNIS LOCKHART, JAN 17:

"Negative information has been exceeding expectations. I think these circumstances call for policy-makers to be prepared to respond pragmatically. In my view, pragmatism ... may well require additional moves to lower the federal funds rate.

"Implicit in my view is the forecast that inflation will moderate, allowing policy to focus on the very apparent near-term risks to the broad domestic economy."

* FED CHAIRMAN BEN BERNANKE, JAN 17:

"Incoming information has suggested that the baseline outlook for real activity in 2008 has worsened and that the downside risks to growth have become more pronounced.

"We stand ready to take substantive additional action as needed to support growth and provide adequate insurance against downside risks.

"Fiscal action could be helpful in principle, as fiscal and monetary stimulus along may provide broader support for the economy than monetary actions alone."

* CLEVELAND FED PRESIDENT SANDRA PIANALTO, JAN 17:

"Although I expect that the restraining influences to growth will diminish over time, and that the economy will gain firmer traction later this year and into 2009, I am concerned about the downside risks to that outlook.

"I continue to believe that the economy's inflation trend will move lower over the forecast horizon as the growth rate of the economy slows and the influence of energy and import prices diminishes."

* PHILADELPHIA FED PRESIDENT CHARLES PLOSSER, JAN 11:

"I am more uncertain about the future path of the economy than I once was. But my forecast at this point does not include a recession.

"The thing that we're most concerned about right now is consumer spending."

* FED GOVERNOR FREDERIC MISHKIN, JAN 11:

"The disruption in financial markets poses a substantial downside risk to the outlook for economic growth, and adverse economic or financial news has the potential to cause further strains. ... The Federal Reserve has been acting and will continue to act decisively. "

* FED CHAIRMAN BEN BERNANKE, JAN 10:

"In light of recent changes in the outlook for and the risks to growth, additional policy easing may be necessary. We stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks.

"Thus far, inflation expectations appear to have remained reasonably well anchored. ... However, any tendency of inflation expectations to become unmoored or for the Fed's inflation-fighting credibility to be eroded could greatly complicate the task of sustaining price stability.

"The committee must remain exceptionally alert and flexible, prepared to act in a decisive and timely manner."

KANSAS CITY FED PRESIDENT WILLIAM HOENIG, JAN 10:

"It is fair to say that the U.S. economy has been under considerable stress over the last several months. ... But it is also interesting and important to keep in mind that we are also seeing rising inflation pressures, especially as we look at commodities and energy costs. I would be very careful not to let inflation accelerate too long.

"While I know the economy is slowing, I think there is at least a case to be made that the economy will come out of this slow growth ... and hopefully return to our potential growth rate over the course of the year."

ST LOUIS FED PRESIDENT WILLIAM POOLE, JAN 9:

"Will housing sector problems push the economy into recession? It is too early to tell right now, but what we can do is to examine the current situation closely and learn from it.

"The current financial turmoil will take a while to play itself out. The fundamentals of our economy remain strong, however, and 2008 looks to be a year of rising growth."

BOSTON FED PRESIDENT ERIC ROSENGREN, JAN 8:

"My view is that the continued decline in residential investment has heightened the risk of a more significant downturn in the overall economy. Falling house prices ... are also likely to dampen consumer and business confidence and spending.

"I think it is important to note that the Federal Reserve has taken action on several fronts to date -- actions that should help reduce the downside risk to the real economy."