Jack Guynn Quotations

What we now know is that a rebuilding kick is going to be spread out -- pick a time -- five years, maybe even ten years. We are not going to get the usual quick economic impact.

I don't think we really know yet fully how that is going to play out.

I don't think it is possible, speaking for myself, to know whether there will need to be additional tightening moves or whether we are at a place we can hold for a while. We are at a balanced point.

Given the steady diet of 'measured' rate hikes the Fed has provided in the past year and a half, many of you may be wondering when enough is enough. Let me first respond by saying, the closer we get, the less explicit we can be on that point; it's my personal opinion that as policymakers we should resist the temptation to say more than we know at any given time.

We're now at a point where we have removed a substantial amount of the extraordinary accommodation that was in place when we started this cycle. I still feel that we have a ways to go. We're well along on that path.

Over the period ahead, as the full effects of the sequence of monetary policy moves plays out, I expect that output growth will settle on a path that is somewhat below what we saw in the first quarter, probably growing at close to the economy's potential.

I think monetary policy coming out of the 2001 recession did what it was intended to do, which was cushion the interest-sensitive sectors of the economy, including housing.

With gasoline at or near $3 a gallon recently, and other energy costs such as natural gas almost doubling in the past year, consumers may face tough choices in how they allocate their spending.

We don't yet know the full economic effect of the policy moves we have already made. In the months ahead, we'll have to watch the data very carefully to make sure that growth is still on track and inflation expectations are well anchored.

At this point, I believe inflation and inflation expectations will be largely contained by competitive market forces and continuing adjustments to the stance of monetary policy,

The Fed is firmly committed to resisting unwelcome rises in inflation.

In some of the hottest coastal markets in the Southeast, I've heard of sharp adjustments and sudden reversals of the frenzied speculation we saw earlier, with prices falling sharply in some markets.

In the long run, economic growth will continue to get an important boost from the development of new technologies and the discovery of new ways to work better, faster and smarter,

In the long term, though, I think the moderation of growth that we'll witness in 2001 will be a mostly healthy thing,

I don't see anything at the moment to cause me to be unduly concerned

I don't want to see inflation move measurable higher.

The closer we get, the less explicit we can be on that point.