CHICAGO, June 3 (Reuters) - The following is a summary of
recent comments by Federal Reserve policy-makers:

* Denotes 2009 voting member of the Federal Open Market
Committee, which sets U.S. monetary policy.

KANSAS CITY FED PRESIDENT THOMAS HOENIG, JUNE 3:

"I suspect we are experiencing the first signs of the
markets' concerns (about inflation ) in the rising rates and
increased volatility in longer-term Treasury markets."

"We need to be alert to the markets' message and begin in
earnest to bring monetary policy into better balance before
inflation forces our hand."

* FEDERAL RESERVE CHAIRMAN BEN BERNANKE, JUNE 3:

"Maintaining the confidence of the financial markets
requires that we, as a nation, begin planning now for the
restoration of fiscal balance. Unless we demonstrate a strong
commitment to fiscal sustainability in the longer term, we will
have neither financial stability nor healthy economic growth.

"We now are in a process of slow and gradual repair, both
in the financial system and the economy ... we have averted, I
think, a very, very serious calamity."

DALLAS FED PRESIDENT RICHARD FISHER, JUNE 2:

"I personally don't believe it (the long-end yield rise) is
due to inflation fears, but I want to make sure it doesn't."

"I suspect that we're going to have to shift to a higher
savings rate versus consumption ... my guess is that it will be
a factor we'll have to take into account."

DALLAS FED PRESIDENT RICHARD FISHER, MAY 28:

"I would be delighted, but surprised, if meaningful
sustained growth gets under way before the end of the year."

* FED VICE CHAIRMAN DONALD KOHN, MAY 23:

"The economy is only now beginning to show signs that it
might be stabilizing, and the upturn, when it begins, is likely
to be gradual amid the balance sheet repair of financial
intermediaries and households. As a consequence, it will
probably be some time before the FOMC will need to begin to
raise its target for the federal funds rate."

DALLAS FED PRESIDENT RICHARD FISHER, MAY 15:

"I envision a slow recovery. Not a V-shaped snapback, or
even a U-shaped one, but a very slow slog as we find a more
sensible and sustainable mix between consumption and savings
and investment."

MINNEAPOLIS FED PRESIDENT GARY STERN, MAY 15:

"I think that there have been a number of more favorable
developments in recent months that suggest we are nearing the
bottom of the recession."

ATLANTA FED PRESIDENT DENNIS LOCKHART, MAY 12:

"I believe that (financial market) conditions are now
calmer but it is too soon to breathe easy."

* FEDERAL RESERVE CHAIRMAN BEN BERNANKE, May 11:

"I think the issue at hand is whether or not the dollar
will retain its value and I think it will. I think the dollar
will be strong. I think it will be strong because the U.S.
economy is strong and it will also be strong because the
Federal Reserve is committed to assuring that we have price
stability in this country."

"We are currently of course being very aggressive because
we are trying to avoid another form of price instability, which
is deflation, and weakening prices and economic growth. But we
are also committed to removing accommodation in a timely way to
ensure that as we come out of this episode and we move back to
sustainable recovery, that we will have price stability, low
and stable inflation going forward."

* RICHMOND FED PRESIDENT JEFFREY LACKER, MAY 11:

"The financial safety net, especially those parts that were
more implicit and perceived than explicit and written into the
laws, played a significant role in the accumulation of risks
that ultimately led to the turmoil we are still experiencing."

"While deployment of the financial safety net is often
viewed as an essential response to the financial crisis, I
believe we need to give serious thought to the extent to which
the safety net was actually a significant cause of the crisis."

* RICHMOND FED PRESIDENT JEFFREY LACKER, MAY 8:

"While economic activity is still contracting overall, some
spending components appear to be bottoming out and the overall
rate of contraction is thus slowing."

"If the emerging stability in housing and consumer spending
persists, as I expect, some segments of business investment
spending should bottom out by the end of the year and economic
growth would then turn positive.

"Choosing the right time to withdraw that stimulus will be
a challenge, and I believe it will be very important to avoid
the risks of waiting too long or moving too slowly."

* SAN FRANCISCO FED PRESIDENT JANET YELLEN, MAY 5:

"For the first time in a while, there is some good news to
savor. I am hopeful that the recession will end in the second
half of this year due to aggressive monetary and fiscal
policies and the operation of typical business cycle
mechanisms. ... I expect the U.S. recovery to be frustratingly
tepid once it does get started."

KANSAS CITY FED PRESIDENT THOMAS HOENIG, MAY 4:

"We have expended considerable resources addressing this
difficult crisis but still we have a ways to go before markets
will function effectively without government assistance. This
process will go faster and with less ultimate cost if we take
decisive steps to resolve insolvent institutions in a timely
manner, regardless of their size and complexity."
(Reporting by Ros Krasny; Editing by Leslie Adler)