Chicago's Moskow on the US economic outlook
"For me, appropriate policy means that we continue to reduce accommodation and return to a neutral federal funds rate," Moskow told the Illinois CPA Society. "It is very important that we keep inflation contained."
Moskow, a voting member of the Federal Open Market Committee in 2005, said the risk that record oil prices will raise core inflation "is higher now than it was a year ago" because the economy is running closer to potential.
"It is very important that we keep inflation contained," he said.
"So far the increase (in gasoline prices) has not had a notable impact on demand, and no-one knows for sure if it will have," he said.
Remarks by Michael H. Moskow, President and CEO, Federal Reserve Bank of Chicago, Illinois CPA Society's 25th Annual, Business & Technology Solutions Show, Donald E. Stephens Convention Center, Rosemont, IL, August 24, 2005.
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