"I consider the current level of monetary accommodation to be appropriate. That, together with the fiscal package, should be sufficient to promote a step up to moderate economic growth later this year. Likewise, I would expect that inflation will moderate in coming quarters, as more slack in labor and product markets emerges and as commodity prices level off. Of course, we will continue to monitor developments and act as needed." She worries about commodities infl but says weak econ should check prices. Says "the single most important determinant of the level and change in subprime delinquency rates has been the pace of house price changes," and Fed ease and liquidity operations "are having a beneficial effect on financial markets."