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I can never predict what the markets will do. Sometimes it does the exact opposite of what I would have expected.

I believe that the market is slowly waking up to the fact that the Federal Reserve is a clueless organization. They have no idea what they're doing. And so the confidence level of investors is diminishing, in my view.

Monetary conditions exert an enormous influence on stock prices. Indeed, the monetary climate - primarily the trend in interest rates and Federal Reserve policy - is the dominant factor in determining the stock market's major direction.

It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.

I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.

If the Federal Reserve pursues a strong dollar at home while the dollar becomes more competitive in global markets, we can achieve both price stability and a more balanced path of economic growth.

I think we're in the beginning of a bull market. When a bull market begins, nine months later the economy turns around.

Like a bank run, a decline in stock prices creates its own momentum.

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