Minn.Fed's Stern oil hikes may not bring inflation

Gary Stern, the president of the Federal Reserve Bank of Minneapolis, said on Sunday that rising energy prices do not necessarily signal inflation, which he called "a monetary phenomenon."

Stern, who is not a voting member of the Federal Open Market Committee this year, told reporters at a University of Minnesota journalism workshop that central banks "have the ability and responsibility to restrain inflation" as a method of fostering a stable economy that can raise living standards.

"Rising e

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