The most important about thing transparency is the clarity of the public's understanding of our intentions.
Rebounds pretty strongly from this sort of event. After several quarters of rebuilding, our productive capacity should be back to about where it would have been otherwise.
We're just going to have to see how things unfold.
It is too early to say when we're going to stop.
It is clear we're not done removing accommodation.
To preserve and build on the credibility we already enjoy, we will need to continue to respond to changing economic conditions in a way that confirms our commitment to low inflation.
Thus, whenever the current sequence of tightening moves reaches completion, short-term interest rates should not be expected to remain constant for an extended period of time.
On the one hand we've got some good core numbers in the last few months, but on the other hand, we're facing the prospect now of the possibility of the energy price surge passing into core prices, and we don't want to see that.
It looks like we're weathering the energy shocks pretty well, but it is too soon to declare us out of the woods.
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