Although I can't find the link, my morning news included this handy rundown from Reuters:

Reuters News, October 24, 2005

FACTBOX-Fed views on U.S. inflation targeting

 FED CHAIRMAN NOMINEE BEN BERNANKE

Bernanke is a long-time advocate of inflation targeting and was viewed as the leading proponent when he was at the Fed. He has said a 1 percent to 2 percent increase in the core PCE price index would be an optimal U.S. inflation rate. In an October 2003 speech, he said the Fed could gain some of the benefits of targeting with the "incremental step" of announcing a numerical inflation objective with the understanding that it was a long-run goal for which the Fed had no fixed timetable.

FED VICE CHAIRMAN ROGER FERGUSON

Ferguson has said an inflation target could lead to a loss of policy-making flexibility and might lead officials to focus too heavily on inflation as opposed to full employment. He said an inflation target would not provide the United States with "any obvious incremental benefits" and said "performance, not predetermined frameworks" are what build inflation-fighting credibility.

FED GOVERNOR SUSAN BIES

Bies has expressed comfort with the current policy framework but has not commented recently on targeting specifically.

FED GOVERNOR MARK OLSON

No public comments.

FED GOVERNOR DONALD KOHN

Kohn has been opposed to inflation targeting. In April, he said it was unclear if a target was needed in the United States, where the Fed's commitment to price stability was well-ingrained. He also said it would be important for the Fed to have political support for any move. In October 2003, he said the costs of a more-constrained policy approach would likely outweigh the benefits. "Those who propose changes from a good system have a high burden of proof," he said.

BOSTON FED PRESIDENT CATHY MINEHAN

No public comments

NEW YORK FED PRESIDENT TIMOTHY GEITHNER

No public comments

PHILADELPHIA FED PRESIDENT ANTHONY SANTOMERO

Santomero is an advocate of inflation targets. He has said the Fed should set a target band of a 1 percent to 3 percent increase in the core PCE price index, as measured by a 12-month moving average. Santomero has said a target "would not only better inform market participants of our intentions but would also strengthen their capacity to monitor our performance." In an Oct 17 speech, he reiterated his support for targeting.

CLEVELAND FED PRESIDENT SANDRA PIANALTO

In a Feb. 21 speech, Pianalto said price stability was the most important contribution a central bank could make to economic prosperity and said the Fed had been "fairly successful" without an inflation target. However, she did not specifically say whether she preferred the current framework.

RICHMOND FED PRESIDENT JEFFREY LACKER

Lacker has said an inflation target would improve the effectiveness of monetary policy by helping to anchor inflation expectations. In terms of the core PCE price index, he said he would like a target range of 1 percent to 2 percent.

ATLANTA FED PRESIDENT JACK GUYNN

No recent public comments. He told Reuters in February 2003 he was comfortable with how policy was being conducted. "I think we've achieved, or are achieving in the way we go about things, much of what a formal targeting regime would give you and yet have at least some latitude ... to deal with special circumstances as they come along," he said.

CHICAGO FED PRESIDENT MICHAEL MOSKOW

Moskow has said the Fed's working definition of price stability serves as "an implicit target" on inflation without restraining policy-making flexibility, and that the United States has achieved price stability without a rigid inflation target.

Targets could complicate the Fed's dual mandates of employment and growth, Moskow said in a speech on Sept 26. In the past Moskow has said that studies had shown "no evidence" targeting is helpful.

ST. LOUIS FED PRESIDENT WILLIAM POOLE

Poole is a long-time advocate of inflation targeting. He has said zero inflation, properly measured, would be the best objective but has also said would staunchly support whatever numerical target could be arrived at by consensus.

MINNEAPOLIS FED PRESIDENT GARY STERN

Inflation targeting "would build upon and formalize what we've learned from past success and failures," Stern said earlier this month. In a paper he co-authored late last year, Stern concluded Fed policy focused too heavily on short-term economic stabilization and not enough on long-term price stability. In the paper, he said targeting a range for inflation expectations or for a variable, such as a money supply measure, that could be shown to have a stable long-term relationship with inflation could improve policy.

KANSAS CITY FED PRESIDENT THOMAS HOENIG

No recent public comments. In 1998, he said he had "some sympathy" for an inflation targeting policy.

DALLAS FED PRESIDENT RICHARD FISHER

No public comments.

SAN FRANCISCO FED PRESIDENT JANET YELLEN

Yellen said on Sept 27 that she doubted that a more formal inflation target would be adopted by the United States but that articulating a numerical definition of what constitutes price stability would be possible.

Yellen has said that one percent to two percent on core personal consumption expenditures was her preferred range or "comfort zone" on inflation.