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Fed's Stern says recent prices high but should go down

GOLDEN VALLEY, Minnesota
Tue Feb 19, 2008 9:56am EST

GOLDEN VALLEY, Minnesota (Reuters) - Minneapolis Federal Reserve President Gary Stern on Tuesday said that recent inflation readings have been higher than his preference but should go down over time.

Policy-makers should target inflation levels over the long run and should not try to affect month-to-month swings in inflation levels, he said in response to questions after speaking to the Financial Planning Association of Minnesota.

(Reporting by Mark Felsenthal; Editing by Theodore d'Afflisio)


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