CHICAGO, April 20 (Reuters) - 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.
* FED GOVERNOR FREDERIC MISHKIN, APRIL 20:
"I continue to believe that the current stance of monetary policy is likely to foster sustainable economic expansion and a gradual ebbing in core inflation.
"Although I expect that core inflation will drift down, I recognize that achieving further reductions may take time.
"We do see some stabilization of demand in the housing market ... there is some indication that the market could be bottoming out."
PHILADELPHIA FED PRESIDENT CHARLES PLOSSER, APRIL 17:
"Inflation is uncomfortably high from my perspective and not declining as rapidly as I'd like to see it."
"It's very important that the Fed maintains its vigilance about inflation, that we not let inflation expectations get out of hand ... If inflation doesn't moderate as we expect, the Fed would need to think about what appropriate action will be."
* NEW YORK FED PRESIDENT TIMOTHY GEITHNER, APRIL 17:
"The economic price of protection, in terms of distorted incentives, reduced flexibility and broader costs on the economy as a whole, seem both more substantial and more enduring than any temporary political benefit."
DALLAS FED PRESIDENT RICHARD FISHER, APRIL 16:
"Bad fiscal policy creates pressures for bad monetary policy. When fiscal policy gets out of whack, monetary authorities face pressure to monetize the debt, a cardinal sin in my mind."
PHILADELPHIA FED PRESIDENT CHARLES PLOSSER, APRIL 16:
"To put it directly, policy-makers have come to accept the fact that price stability is and should be the primary focus of monetary policy.
"If people believe the central bank is committed to price stability, they will make decisions that lead to better outcomes than if they believe the central bank will give in to temptation and create higher inflation."
DALLAS FED PRESIDENT RICHARD FISHER, APRIL 13:
"The Federal Reserve has the means to do an enormous amount of damage if we let inflation get out of control, or in being so aggressive in trying to contain things that we infringe upon dynamic economic growth."
RICHMOND FED PRESIDENT JEFFREY LACKER, APRIL 11:
"If inflation does not moderate, I believe additional firming may be needed ... I think there is uncertainty about the degree to which core inflation is likely to moderate this year.
"Moderating growth does not reduce inflation, central banks reduce inflation. In any event, if it came down it would be because of central bank action."
* CHICAGO FED PRESIDENT MICHAEL MOSKOW, APRIL 11:
"So far this year inflation has been somewhat elevated, highlighting the risk that inflation could stay stubbornly high.
"For the balance of 2007, economic growth likely will average modestly below potential. But I expect that growth will be picking up gradually over the coming quarters and return to near potential by 2008."
DALLAS FED PRESIDENT RICHARD FISHER, APRIL 10:
"We have a responsibility to make sure inflation does not get out of the bag, and I am among those in our school that believe we still have more work to do on that front.
"We have been growing handsomely ... and we have kept inflation reasonably low, but not as low as some of us would like".
* FED GOVERNOR FREDERIC MISHKIN, APRIL 10:
"The current rate of inflation is certainly higher than I would like to see. The view is that there is a likelihood, in fact, that we will have moderation in inflation."
"But on the other hand, a key issue is, in fact, if we don't see that happening, that would be of great concern and as a result, we would then have to do something about it."
DALLAS FED PRESIDENT RICHARD FISHER, APRIL 4:
"Inflation is running at too high a rate now ... I would like to see inflation lower than it currently is.
"Thus far, the damage from the subprime market has been largely contained. Nevertheless, because 40 percent of homebuyers last year were non-prime ... borrowers, housing markets may feel some short-term pains, making it less clear whether housing construction has bottomed."
* ST. LOUIS FED PRESIDENT WILLIAM POOLE, APRIL 3:
"Inflation is a major concern and if inflation were to head up in a convincing way from the current level, I could be in favor of a rate increase at some point."
FEDERAL OPEN MARKET COMMITTEE, MARCH 21:
"Recent indicators have been mixed and the adjustment in the housing sector is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters.
"Recent readings on core inflation have been somewhat elevated. Although inflation pressures seem likely to moderate over time, the high level of resource utilization has the potential to sustain those pressures.
"In these circumstances, the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information." (To access stories on Fed policy click on [FED/AHEAD])