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Q: Do you rule out the idea of adjusting monetary policy to address asset values?

- A: That's one of the very difficult questions in monetary policy and "we don't rule it out as a theoretical matter"... "We don't actually understand the trade-off ... if you raise interest rates and thereby tighten financial conditions and reduce economic activity now in order to address asset bubbles and things like that, what will that even help? I think that's unresolved and I think it's something we look at as not theoretically ruled out but not something we've ever done and not something we plan to do."

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com