CHICAGO, Aug 10 (Reuters) - The following is a summary of recent comments by Federal Reserve policymakers:
* Denotes 2009 voting member of the Federal Open Market Committee, which sets U.S. monetary policy.
* NEW YORK FED PRESIDENT WILLIAM DUDLEY, JULY 29:
"Credit availability will be constrained for some time to come, and this will serve to limit the pace of the recovery.
"If the recovery does, in fact, turn out to be lackluster, the unemployment rate is likely to remain elevated and capacity utilization rates unusually low for some time to come. This suggests that inflation will be quiescent."
* SAN FRANCISCO FED PRESIDENT JANET YELLEN, JULY 28:
"We glimpse the first solid signs that economic growth may be poised to resume. Indeed, I expect that to happen some time this year ... A gradual recovery means that things would feel very good for some time to come."
"I can assure you that we will act decisively and appropriately to tighten the stance of monetary policy and maintain price stability."
* FED CHAIRMAN BEN BERNANKE, JULY 26:
"I was not going to be the Federal Reserve Chairman who presided over the second Great Depression."
"Once the economy starts to grow, and begins to move ahead, it will be very important for the Fed to start to unwind, to raise interest rates."
DALLAS FED PRESIDENT RICHARD FISHER, JULY 23:
"We're going to have a slower rate of growth as we get a realignment between consumption and savings, between how the labor force is redeployed, for a new gearbox to be determined and then for the gears to mesh."
"You don't necessarily have to have a double dip (recession). The question is at what rate will you grow afterward. We're used to a rate of growth that was driven by excessive leverage."
* FED CHAIRMAN BEN BERNANKE, JULY 21:
"Accommodative policies will likely be warranted for an extended period. At some point, however, as economic recovery takes hold, we will need to tighten monetary policy to prevent the emergence of an inflation problem down the road. The FOMC ... has devoted considerable time to issues relating to an exit strategy. We are confident we have the necessary tools to withdraw policy accommodation, when that becomes appropriate, in a smooth and timely manner."
* ATLANTA FED PRESIDENT DENNIS LOCKHART, JULY 20:
The recovery will be weak because the economy must make structural adjustments before the healthiest possible rate of growth can be achieved. While this adjustment process is going on in the medium term, I believe inflation and deflation are roughly equal risks and require careful monitoring. Slack in the economy will suppress inflation. And inflation is unlikely to result -- by direct causation -- from the recent growth of the Fed's balance sheet. The Fed has a number of tools being readied to unwind the policies used to fight the recession, and it will be some time before their use is appropriate."
KANSAS CITY FED PRESIDENT THOMAS HOENIG, JULY 14:
"I'm not suggesting a V-shaped cycle. I think ... it will be a very slow recovery, given the seriousness of the problems in the financial industry and the slowness with which the capital in those institutions will be rebuilt."
On the timing of the Fed removing aggressive steps to revive the economy: "There are two things we can do wrong. One is pull it out too soon, the other is pull it out too late."
* FED VICE CHAIRMAN DONALD KOHN, JULY 9:
"Any substantial erosion of the Federal Reserve's monetary independence likely would lead to higher long-term interest rates as investors begin to fear future inflation."
"History provides numerous examples of nonindependent central banks being forced to finance large government budget deficits. Such episodes invariably lead to high inflation."
MINNEAPOLIS FED PRESIDENT GARY STERN, JULY 9:
"At economic turning points ... the data are invariably mixed, and there are now in fact positive signs of stabilization."
"The Fed is fully capable of shrinking its balance sheet when it is appropriate to do so. Without question, it will be difficult to know when to begin such action and how rapidly to proceed."
* CHICAGO FED PRESIDENT CHARLES EVANS, JULY 8:
"I'm assuming that policy will continue to be accommodative for a considerable time ... We're trying to judge if in fact the economy is close to bottoming out. There's a large amount of nervousness and uncertainty associated with that."
ST LOUIS FED PRESIDENT JAMES BULLARD, JUNE 30:
"We've got very large fiscal deficits. We've got the appearance ... that the Fed is monetizing the deficit, pushing up yields. Anything that is going to erode the independence of the Fed is going to feed that expectation and drive yields higher."
* SAN FRANCISCO FED PRESIDENT JANET YELLEN, JUNE 30:
"I think the predominant risk is that inflation will be too low, not too high, over the next several years. I expect core inflation will dip to about 1 percent over the next year and remain below 2 percent for several years." She added, "The very weak economy is, if anything, putting downward pressure on wages and prices. I'm more concerned that we will be tempted to tighten policy too soon, thereby aborting recovery. I do not believe that there is a real threat of high inflation in the current situation."
(Reporting by Ros Krasny; Editing by Kenneth Barry)