Study says Fed doesn't target stock market

The Federal Reserve doesn't target stock market prices directly when it sets monetary policy, Reuters said quoting a Fed study due out this week.

The Boston Federal Reserve research paper, which was obtained by Reuters ahead of publication, reportedly said many analysts have wondered whether the Fed has pursued an "unannounced goal" for equity prices.

It said there have been times when the official federal funds rate indeed moved in tandem with significant changes in stock market indexes, but