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:

• Slowdown may be deep but not prolonged
• Slump may end with higher inflation than desired
• Economy likely to remain anemic
• FOMC is in a difficult position
• Hard to say how much commodity rise is tied to speculation
• Dollar will see variation of dollar but dollar will strengthen again.
• It is hard to see a fast supplier solution to higher oil prices