The current level of short-term interest rates cannot be maintained indefinitely, ... However, any policy adjustment need not take place in the near future.

Indications are that the economy is making up much of the lost ground in the current quarter.

As we have seen with oil and gas, the supply side impairment itself automatically puts upward pressure on prices. Simultaneously stimulating demand would only exacerbate those price pressures,

Any policy adjustment need not take place in the near future,

A number of sectors will need to transition before we can be confident of an acceptable level of economic activity.

Our dual mandate of fostering full employment and a stable price environment remains firmly in place,

To keep cyclical price pressures and any transitory spike in energy prices from permanently disrupting the price environment, the Fed will have to continue shifting monetary policy from its current somewhat accommodative stance to a more neutral one,

We have been moving monetary policy toward neutrality for some time, and our policy appears to be close to neutral now.

The outlook is for real gross domestic product to moderate a bit further over the course of the year and next, settling at a sustainable 3.0 pct annual growth pace.

Our policy appears to be close to neutral now.