1.Fed should keep rates low till recovery at hand, then hike
2.Urges caution on upward drifting inflation expectations
3.Far from certain that market turmoil has passed its peak
4.Nations must resist measures to offset high oil, commodities
5.US 2008 GDP +1.2%, 2009 +1.1%; CPI +3.2% '08, +2.0% '09
6.EMU 2008 GDP +1.7%, 2009 +1.4%; CPI +3.4% '09, +2.4% '08
7.EMU HICP to be close to ECB 2% target by the end of 2009