“The current level of short-term interest rates cannot be maintained indefinitely, ... However, any policy adjustment need not take place in the near future.”
“As we have seen with oil and gas, the supply side impairment itself automatically puts upward pressure on prices. Simultaneously stimulating demand would only exacerbate those price pressures,”
“It appears our nation's pattern of payments is finally evolving - some might say it is experiencing a radical change - from one based on paper checks to one based on electronics.”
“the U.S. economy has proved to be surprisingly capable of absorbing such shocks and, after a short period, the effects of Katrina are likely to slow but not stall the forward progress of the national economy.”
