Factbox: Fed policy-makers' recent comments

NEW YORK (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.

FOMC STATEMENT, JUNE 25:

"Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters.

"The Committee expects inflation to moderate later this year and next year. However, in light of the continued increases in the prices of energy and some other commodities and the elevated state of some indicators of inflation expectations, uncertainty about the inflation outlook remains high.

"The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time. Although downside risks to growth remain, they appear to have diminished somewhat, and the upside risks to inflation and inflation expectations have increased. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability."

* FED VICE CHAIRMAN DONALD KOHN, JUNE 19:

"The markets are in a lot better shape than they were in March, but having said that, I don't think anyone can guarantee what's going to happen next."

"I would expect that we would see a gradual improvement in financial markets, that our institutions are taking steps to make that possible, but there are no guarantees."

RICHMOND FED PRESIDENT JEFFREY LACKER, JUNE 16:

"Inflation is unacceptably high... Inflation expectations are higher than I would like, but they are stable. The apparent stability of inflation does not justify complacency, however. Just as easing policy aggressively in response to emerging downside risks made sense, withdrawing some of that stimulus as those risks diminish makes eminent sense as well."

* FED CHAIRMAN BEN BERNANKE, JUNE 16:

"There are limits to how big the deficit and debt can be. Soon it will begin to have effects on interest rates, it will have effects on economic growth, and on stability."

ST LOUIS FED PRESIDENT JAMES BULLARD, JUNE 11:

"The probability of a very bad outcome from the financial crisis is receding and we've still got the low level of interest rates that we took out during that time period. I see there being some inflationary consequences of that if we don't take action and stay on top of this situation.