Fed's Stern ponders on asset-price stance

Gary Stern, the president of the Minneapolis Federal Reserve, has acknowledged that the central bank may need to review its policy of non-interference with asset prices in the wake of the recent turmoil.

Stern said that while he had yet to change his opinion, he was mulling whether the policy was correct. "I am reviewing [whether asset-price levels should not be an objective of monetary policy] in the wake of the fallout from the decline in house prices and from the earlier collapse of prices of

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