Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
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Inflation is not even a remote risk in the U.S.. Because inflation is so low, monetary policy can afford to be patient to be sure that the recovery is sustained.Ben Bernanke
So far, the effects appear to be relatively modest on growth.
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a forecast about the future evolution of policy, not an unconditional commitment.
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If I am confirmed to this position, my first priority will be to maintain consistency and continuity with the policies established during the Greenspan years.
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In the absence of a shift in market perceptions of the relative attractiveness of U. S. and foreign assets, government policies would likely have only limited effects on the trade balance.
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I believe that the Federal Reserve's success in reducing and stabilizing inflation and inflation expectations is a major reason for this improved economic performance.
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