Fed's Kohn on financial markets

In a speech given on 27 August Donald Kohn of the Federal Reserve defended the central bank's practice of signalling interest rate moves, saying less-clear statements may hurt the economy.

``Such policies would result in less accurate asset pricing, reduce public welfare on balance, and definitely be at odds'' with the record of Fed Chairman Alan Greenspan, Kohn said in the speech.

Kohn said that ``some analysts are concerned'' that the Fed's policy is ``setting up the financial markets and the

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