Thomson Financial News - Overall (the speech does) mark a shift in the policy outlook from a focus on downside risks to growth and employment accompanied by a sanguine view on inflation, to one which gives some recognition that the Fed's scope for further manoeuvre is rather smaller than they had originally suggested. It certainly does not preclude further cuts, but suggests that there will be stiff resistance to the Fed Funds rate being cut to below the core personal consumption expenditure price index.