I Believe Deeply That It's Very Important

Monetary Policy Itself Cannot Sensibly Be Directed At Reducing Imbalances.

The Substantial Uncertainty About The Path Of Asset Price Movements Going Forward Necessarily Reduces The Case For Altering Policy In Advance Of The Move.

Looking Past The Immediate Crisis, A More Resilient System Must Be Built On Stronger And Better Designed Shock Absorbers, Both In The Major Institutions And In The Infrastructure Of The Financial System.

As Financial Markets Continue To Broaden And Deepen, The Behavior Of Asset Prices Will Play An Important Role In The Formulation Of Monetary Policy Going Forward, Perhaps A More Important Role Than In The Past.

The Rest Of The World Needs The U.s. Economy And Financial System To Recover In Order For It To Revive. We Remain At The Center Of Global Economic Activity With Financial And Trade Ties To Every Region Of The Globe.