There have been four speeches over the last two days by Fed officials, two yesterday by Fed Governor Susan Bies, Productivity and Economic Outlook, and Richmond Fed President Jeffrey M. Lacker, The Economic Outlook for 2006. Both were discussed very briefly here.
Today, there were two more speeches (Bloomberg reports Atlanta Fed president Guynn also spoke today, but I haven't found his remarks posted yet):
San Francisco Fed President Yellen: 2006: A Year of Transition at the Federal Reserve
Bottom line: As in the two speeches yesterday, she is comfortable with current economic conditions, but expresses concern that inflation risks are weighted towards the upside. She also says about inflation targets:
I'm sympathetic to the idea of a quantitative objective for price stability, as I agree that it enhances both Fed transparency and accountability. ... I see an inflation rate between 1 and 2 percent, as measured by the core personal consumption expenditures price index, as an appropriate price stability objective for the Fed. However, I also think it is critically important that a numerical inflation objective not weaken our commitment to a dual mandate that includes full employment. Therefore, I would see the numerical objective as a long-run goal, and would want the Committee to have a flexible timeframe within which to maintain it.
Dallas Fed President Fisher also spoke today:
Dallas Fed President Fisher: Excerpts from Remarks on the Process of Creative Destruction
Bottom line: He discusses economic transition, but does not mention U.S. policy in his posted remarks.
Here's the Bloomberg report on Yellen's speech:
Update: Bloomberg reports additional comments by Yellen:
Update: Comments from Lacker: