I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment,

Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.

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 have spoken about deficits, and I think deficits are important because they address broad economic and financial stability. We need to talk about that.

We also need stability and prosperity. And stability and prosperity is very very basic in Hong Kong.

The actions taken by central banks and other authorities to stabilize a panic in the short run can work against stability in the long run if investors and firms infer from those actions that they will never bear the full consequences of excessive risk-taking.