Stern says Fed will remain diligent

The Federal Reserve is committed to its responsibility of avoiding a damaging rise in inflation, Minneapolis Fed president Gary Stern said on Thursday 13 July.

"It is the responsibility of and is within the ability of the central bank ... to avoid inflation and provide for a stable low inflation environment," Stern told business leaders at a lunch held by the Minneapolis Fed's Helena, Montana, branch. "We at the Federal Reserve will adhere to that objective."

Stern is the longest serving of the