Fed's Yellen says central banks must wield power carefully

06/18/2007 | CNNMoney

Janet Yellen, president of the San Francisco Federal Reserve Bank, said that the central banks should not try to rein in individual financial issues with stricter policies, but should be prepared to deal with events that might have systemic risks. "It is exceptionally difficult to distinguish 'bubbles' from fundamental-based booms, and monetary actions impose certain short-run costs for very uncertain future gains," Yellen said.

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