You've heard these before, but Reuters conveniently collects the recent hits of all your favorite Fed folk. (The * indicates a voting member of the FOMC.)
On inflation concerns:
* ATLANTA FED PRESIDENT JACK GUYNN, MAY 1:
"If -- and I emphasize if -- my most likely forecast of sustainable output growth and modest inflation is right, then I am of the view that we are very close to having Fed policy properly calibrated for now."
"But if we were to get a series of indications that those inflation risks are getting translated into cost pressures that are being past through to inflation, I would be near the front of the line in arguing for additional adjustment in policy,"
CHICAGO FED PRESIDENT MICHAEL MOSKOW, MAY 1:
"We worry about everything, but my own personal concern is that inflation is at the high end of my comfort zone. I'm talking about core inflation now; subtract oil, and subtract volatile food prices as well"...
* FED GOVERNOR DONALD KOHN, APRIL 13:
"At this juncture, given the apparent strength in demand and the narrowing margin of unused resources, I am focused on making sure that inflation and inflation expectations remain well anchored"...
ACTING PHILADELPHIA FED PRESIDENT WILLIAM STONE, APRIL 7:.
"With our economy continuing its expansion and the Fed maintaining a watchful eye over potential risk factors, it is imperative that the Federal Reserve remain vigilant to signs of inflation.
"But I believe it is now appropriate to allow incoming data on inflation and economic growth to guide our policy adjustments going forward."
ST. LOUIS FED PRESIDENT WILLIAM POOLE, APRIL 7:
"There are risks that we would stop too soon and risks we would stop too late, and what we have to do is find the best balance we can between those two risks. My own view is that inflation is the key here because I think we have a lot of evidence that if the inflation rate starts to get away from us, that is a much harder process to reverse than if we see the economy softening."
On lags:
* SAN FRANCISCO FED PRESIDENT JANET YELLEN, APRIL 18:
"I am increasingly concerned about the well-known long and variable lags in monetary policy -- specifically, that the delayed effects of our past policy actions might impact spending with greater force than expected.
"While I expect the housing sector to slow somewhat, I will be highly alert to the possibility of the policy tightening going too far"...
MINNEAPOLIS FED PRESIDENT GARY STERN, APRIL 11:
"In light of the lags between policy actions and their effects, a view of the economy's future performance is critical to decision-making," Stern said.
On data dependence:
SAN FRANCISCO FED PRESIDENT JANET YELLEN, APRIL 19:
"I think higher rates and other factors will begin to bite but obviously you have got to watch the data. What I'm watching for are surprises."
On risk management:
FED VICE CHAIRMAN ROGER FERGUSON, APRIL 17:
"We must always ask: Do our potential actions credibly mitigate a risk of inflation or a threat to the real economy? Such a standard helps reduce the danger that we might pursue financial stability to the point of changing the behavior of market participants in counterproductive ways."
On pausing:
* FED CHAIRMAN BEN BERNANKE, APRIL 27:
"Even if in the committee's judgment the risks to its objectives are not entirely balanced, at some point in the future, the committee may decide to take no action at one or more meetings in the interest of allowing more time to receive information relevant to the outlook."
"Of course, a decision to take no action at a particular meeting does not preclude actions at subsequent meetings"...
FED GOVERNOR SUSAN BIES, APRIL 13:
"We're closer (to a neutral interest-rate level) than we were a few months ago. Everyone agrees we are getting closer to the stopping point"...
FED GOVERNOR SUSAN BIES, APRIL 10:
"We are in a range today where we are getting closer to feeling that we've got the appropriate level of short-term interest rates relative to what we see happening in terms of inflation and the economy."