We have obviously specified implicitly that we prefer to act within our scheduled meetings, ... But we have also shown over the years that when we perceive that actions are required between meetings we have never hesitated to move.
We at the Federal Reserve, recognizing the powerful forces of productivity growth and global restraint on inflation, have not perceived to date the need to tighten policy,
What they perceive as newly abundant liquidity can readily disappear,
Because it is difficult to suppress growing market exuberance when the economic environment is perceived as more stable, a highly flexible system needs to be in place to rebalance an economy in which psychology and asset prices could change rapidly,
difficult to suppress growing market exuberance when the economic environment is perceived as more stable.
Today, economic value is best symbolized by exceedingly complex, miniaturized integrated circuits and the ideas -- the software -- that utilize them, ... Most of what we currently perceive as value and wealth is intellectual and impalpable.
It's only when the markets are perceived to have exhausted themselves on the downside that they turn. Trying to prevent them from going down just merely prolongs the agony.