I am confident that the passing of the torch from Chairman Greenspan to his successor will be smooth and seamless.

It appears our nation's pattern of payments is finally evolving - some might say it is experiencing a radical change - from one based on paper checks to one based on electronics.

As we have seen with oil and gas, the supply side impairment itself automatically puts upward pressure on prices. Simultaneously stimulating demand would only exacerbate those price pressures,

Our dual mandate of fostering full employment and a stable price environment remains firmly in place,

Any policy adjustment need not take place in the near future,

A number of sectors will need to transition before we can be confident of an acceptable level of economic activity.