"Cathy E. Minehan" was President and Chief Executive Officer of the Federal Reserve Bank of Boston one of 12 regional Reserve Banks that together with the Board of Governors in Washington D.C. form the Federal Reserve System.

She held this position from 1994 until her retirement in July 2007. Ms. Minehan also served as a member of the Federal Open Market Committee, the body responsible for U.S. monetary policy.

At the national level over her years of service, she has chaired the Financial Services Policy Committee, a body that oversees the provision of Reserve Bank payment services, and has played key roles in the System's planning for or response to Y2K, interstate banking legislation, and 9/11. She also led efforts related to clarifying the governance of shared national activities among Reserve Banks.

More Cathy Minehan on Wikipedia.

(If) the economy is growing at a healthy rate, you can easily accommodate a higher rate of savings. And we should have a higher rate of savings.

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I am concerned that we are living beyond our means.

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I am concerned that some people might have gotten in over their heads with this. It's hard to see that, though, as a major threat to the economy.

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There are short-term questions to be sure -- the impact of changes in residential housing markets and the prospects for inflation are two -- but, overall, the economy in 2006 seems likely to be very well-behaved.

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My sense is that Massachusetts and New England will experience some sustained cooling in real estate markets and some flattening of prices. But this trend is not likely to affect the region overly negatively.

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