Tarullo Says Fed Must Keep Option of Using Rates Against Bubbles
Federal Reserve Governor Daniel Tarullo said central bankers must preserve the option of using interest rates to lean against dangerous financial bubbles even as they strengthen supervisory tools to curtail systemic risk.
“Monetary policy action cannot be taken off the table as a response to the build-up of broad and sustained systemic risk,” Tarullo said today at a conference of the National Association for Business Economics in Arlington, Virginia.
An array of other tools, such as rules that would force banks to raise capital in times of overheating markets, could “reduce the number of occasions on which a difficult tradeoff between financial stability considerations and near-term growth or price stability aims will need to be made” he said.
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