Jul 18
Speaking in an interview with Bloomberg on Friday, Minneapolis Federal
Reserve President Gary Stern (voter) said that the Federal Reserve
can’t wait for the end of the crisis to raise rates.
“I worry about the prospects for inflation, the headline inflation
rate is clearly too high,” said Stern.
Stern noted that the Fed is well positioned for a downside risk to
growth. He commented that the current credit crisis was reminiscent of
the early 1990s.