Bankers did not influence Fed on cuts: Mishkin

The Federal Reserve's recent rate cuts were to help Main Street and not to bail out Wall Street, according to Frederic Mishkin, a governor at the Federal Reserve.

Speaking at a Risk magazine conference in New York on Monday, Mishkin acknowledged that cutting rates does help financial markets, and so can help lift asset prices. But, he added: "This does not mean that market participants who have been overly optimistic about their assessment of risk don't pay a high price for their mistakes. Th

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