FED HAS AMPLE TIME TO WITHDRAW LIQUIDITY MONEY SUPPLY TAKES MORE THAN FIVE YEARS TO BOOST PRICES MONEY SUPPLY GROWTH RISKS INFLATION ONLY LONG RUN SEES DEFLATION THREAT DIMINISHING AS ECONOMY GROWS HEALTHY GROWTH NOT LIKELY UNTIL MID 2010 PACE OF EXPANSION WILL BE SUBDUED FOR A TIME STILL SEES APPRECIABLE STRAINS IN CREDIT MARKET ECONOMIC RECOVERY SHOULD NOT BE TOO FAR [...]