NEW YORK, Feb 16 The following is a summary of recent comments by Fed policy-makers:
* Denotes 2007 voting member of the Federal Open Market Committee, which sets U.S. monetary policy.
* CHICAGO FED PRESIDENT MICHAEL MOSKOW, FEB. 16:
"We should see continued progress on inflation going forward. If we don't see progress, the FOMC will respond.
"My assessment is that the risk of inflation remaining too high is greater than the risk of growth falling too low. Thus, some additional firming of policy may yet be necessary."
* ST. LOUIS FED PRESIDENT WILLIAM POOLE, FEB. 15:
"Where we stand right now is a pretty good place. There is no compelling information presently available that suggests the need to reposition the rate. But it may come. The fed funds rate is not going to be 5.25 percent for ever."
* FED CHAIRMAN BEN BERNANKE, FEB. 15:
"We've seen some very strong consumer spending numbers and we've seen some strong income growth, which suggests that the economy may be stronger than we think.
"If inflation becomes higher for some reason, then the Federal Reserve would have to respond to that by raising interest rates."
* FED CHAIRMAN BEN BERNANKE, FEB. 14:
"Overall, the U.S. economy seems likely to expand at a moderate pace this year and next, with growth strengthening somewhat as the drag from housing diminishes.
"There are some indications that inflation pressures are beginning to diminish. The monthly data are noisy, however, and it will consequently be some time before we can be confident that underlying inflation is moderating as anticipated."
FED'S PROJECTIONS FROM SEMI-ANNUAL MONETARY POLICY REPORT TO CONGRESS, FEB. 14: (all figures Q4 over Q4, in percent; central tendency forecast)
Real GDP 2.50 to 3.00 2.75 to 3.00
price index 2.00 to 2.25 1.75 to 2.00
DALLAS FED PRESIDENT RICHARD FISHER, FEB. 9:
"No central banker can ever be smug about containing the risk of inflation, but I am pleased with the current direction of inflationary impulses.
"If (rate) increases are needed, I would aggressively advocate for them. But for now I am as comfortable with the inflationary outlook as a prudent central banker can be."
CLEVELAND FED PRESIDENT SANDRA PIANALTO, FEB. 9:
"The national inflation picture has been clouded in the past few years by large swings in energy, commodity and housing prices. As these markets normalize, and as we gain a clearer picture of the underlying inflation trend, we may see that some inflation risks remain.
"In that case, some additional policy firming may be needed -- depending, of course, on the outlook for both inflation and economic growth."
* ST. LOUIS FED PRESIDENT WILLIAM POOLE, FEB. 9:
"Recent inflation data themselves and other information relevant to judging the inflation outlook suggest that the inflation rate is likely to fall into a reasonable range this year.
"If, however, core inflation seems to be settling at a rate above 2 percent, then such an outcome would be unacceptable to me. I put a very high weight on the Fed's responsibility to maintain low and stable inflation."
PHILADELPHIA FED PRESIDENT CHARLES PLOSSER, FEB. 7:
"With growth prospects of the economy improving, there is some risk that we may not see a return to price stability unless monetary conditions are further tightened.
"While I think it is possible that the recent moderation of inflation will continue ... I believe it is too soon to declare victory."
SAN FRANCISCO FED PRESIDENT JANET YELLEN, FEB. 6:
"Inflation is a little higher than I would like it to be; I would like inflation to come down.
"Outside of housing and autos we have an economy that's operating pretty nicely and just a little bit below trend."
FEDERAL OPEN MARKET COMMITTEE, JAN. 31:
"Recent indicators have suggested somewhat firmer economic growth, and some tentative signs of stabilization have appeared in the housing market. Overall, the economy seems likely to expand at a moderate pace over coming quarters.
"Readings on core inflation have improved modestly in recent months, and inflation pressures seem likely to moderate over time. However, the high level of resource utilization has the potential to sustain inflation pressures.
"The Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information."