. Monetary Policy. A not-so-dovish dove. Frederic Mishkin, one the FOMC doves, sounds considerably less dovish in his speech today at the Risk USA 2007 Conference. Key excerpts: "Because monetary policy makers can never be certain of the amount of policy easing that is needed to forestall the adverse effects of disruptions in financial markets, decisive policy actions may, from time to time, go too far and thus produce unwelcome inflationary pressures ... The combined 75 basis points of policy easing put in place at the past two meetings should help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and should help promote moderate growth over time".

- Frederic S. Mishkin: "Financial Instability and Monetary Policy", Federal Reserve Board of Governors.