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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.

We're focused on doing the things that make the economy perform well, and as you do that, reduce deficits, for one, very important; secondly, keep growth rates high, very important.

And I am convinced that a single focus on preserving the purchasing power of the dollar, in effect, guarding against inflation or deflation, actually creates a solid foundation for the greatest job growth and the strongest economy that America can have.

We have the most flexible and adaptive economy. Making sure we sustain the ability of the American economy to perform well is really the priority of economic policy.

So our focus has to be on the things that we can control, which is to take the necessary measures working with Congress to ensure that our economy grows, that we create jobs.

We need to keep investing in economic and homeland security. We need to bank on the right kind of economic development. We need to embrace opportunities, but with the right kind of safeguards.

We have to start grounding our policies in facts and recognize that a strong economy is critical for funding progressive priorities.

The greatest economic power might in fact remain in the hands of the Federal Reserve. Economists credit the Fed's policy of keeping interest rates at historic lows with helping to pump up the economy and bring unemployment down.

The rest of the world needs the US 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.