Saturday, February 17, 2007

Fed President Moscow on Inflation

From a speech on February 16:

Taking all of these factors into account, my assessment is that the risk of inflation remaining too high is greater than the risk of growth falling too low. Thus, some additional firming of policy may yet be necessary to address this inflation risk. Of course, whether policy will need to be adjusted and the degree of any adjustment will depend on the data we see in the months to come and how that data influences our forecast of the economy.

Translation: I'm not going to vote for lower rates in the current environment.