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I think the Fed is not designed to have effective tools to deal with the economy. It should settle for just controlling the money supply. And - if it insists, it can worry about inflation.

The Fed should make a clear commitment to stable money to reduce the swings in interest rates and inflation. Instead, it champions and flaunts unstable money. This encourages momentum trading and the growth of derivatives. Meanwhile, layers of financial regulation make Washington bigger and more powerful but don't fix the underlying problems.

The Fed's ability to raise and lower short-term interest rates is its primary control over the economy.

The central focus of what we are doing at the Fed is to keep inflation from accelerating - and preferably decelerating.

It's appropriate for the Fed to gradually and cautiously increase our overnight interest rate over time.

We believe that the Federal Reserve has to carry on with a progressive increase in interest rates as a consequence of the American economy.

The Fed has the ability to put money out, it's got the ability to take money back in, and if they don't do that, we will have hyperinflation worse than we had in 1980 and 1981.

Well, I think as long as people are talking about stimulus, I think the Fed will be thinking about cutting rates because monetary policy is the better way to go because you can turn it on and turn it off.

The Federal Reserve's job is to do the right thing, to take the long-run interest of the economy to heart, and that sometimes means being unpopular. But we have to do the right thing.