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."