"Clearly, we have an economy operating at a level where we need to be nervous about rising inflation, even abstracting from supply side shocks."
" We can't dismiss the possibility that compensation growth will drift upward, raising core inflation and in turn inflationary expectations."
"This is a major risk. Obviously, we need to be vigilant in scrutinizing the data for signs of rising wages and salaries. "
"I would endorse the opportunistic strategy... "
"I see an opportunistic strategy as one that would not consciously use monetary policy to push the economy below potential in order to achieve a reduction in inflation,"
" unless inflation initially were significantly far from its optimal value...."
" I would see an opportunistic strategy as one that would
look for gains on the inflation front during periods when
negative shocks unavoidably create slack in the economy."