Fed's Hoenig

• SAYS LACK OF PASS-THROUGH COULD CHANGE QUICKLY
• SEES STRONG GROWTH IN 3RD QUARTER, SOFTENING IN FOURTH
• ENCOURAGED BY SMALL PASS-THROUGH OF FOOD, ENERGY COSTS
• SAYS FED MUST WALK FINE LINE ON GROWTH, INFLATION
• SAYS FED MUST BE READY TO MOVE IN TIMELY FASHION
• SEES TENTATIVE SIGNS OF IMPROVEMENT IN HOME SALES
• SAYS U.S. ECONOMY CAN AVOID RECESSION
• SAYS HIGHER IMPORT PRICES GIVE FIRMS MORE PRICING POWER
• LESS OPTIMISTIC ABOUT PRICE OUTLOOK FOR SECOND HALF

Fed's Hoenig says: 

• Inflation can never be taken for granted. 
• Should not assume that inflation is under control
• US faces very difficult set of circumstances
• Rise in oil has taken about 1% off the GDP
• Inflation is at an unacceptable level
• Inflation may become a way of life.
• Monetary policy is accomodative
• Limiting inflation is a major challenge for the Fed

Fed's Fisher says:

• MONETARY POLICY HAS `SIGNIFICANT LIMITATIONS'
• `TOO MUCH BURDEN' ON RATE POLICY TO FIX ECONOMY
• CALLS FOR `SWEEPING CHANGES' IN BANK REGULATION
• SEES LONGER-TERM `CONSECUENCES' OF RELIANCE ON RATES
• FED SHOULD `CONSIDER' MAKING TAF PERMANENT