In any case, the Federal Reserve will continue to monitor this sector closely.

If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment,

I assure this committee that, if I am confirmed, I will be strictly independent of all political influences, ... essential to that institution's ability to function effectively and achieve its mandated objectives.

I am confident that we will meet whatever challenges the future may bring.

There appears to be some possibility that the recent trend toward disinflation will continue, primarily because of the potentially large amount of economic slack in the system,

Although I expect policy to follow the usual gradualist pattern, the pace of tightening will of necessity respond to evolving economic conditions, particularly the strength of the ongoing recovery in the labor market and developments on the inflation front,