From a speech last week by Charles Evans, president and CEO of the Chicago Fed:

“The U.S. economy continues to face many challenges. The Fed has been proactive in addressing market liquidity stress during the financial crisis—first by using our monetary policy tools and later through our improvised lending facilities in response to financial markets. Moving forward, it is important that we be vigilant in monitoring the risks to growth, as well as any risks to the prospects for obtaining price stability. It is also important for us to continue to collaborate with global policymakers in the pursuit of financial stability worldwide. We likely are in for a protracted period of poor economic performance. But the policy actions taken by the Fed and other governmental agencies over the course of the financial crisis, and the effort of the private sector to work through their difficulties, will eventually help support a recovery in economic growth.”

Read the whole thing.