Should central bankers be in the business of saying that the stock market will fall or that private markets are in a credit crunch? In a BBC interview last week, Sarah Breeden, the Bank of England deputy governor responsible for financial stability, said: “There’s a lot of risk out there and yet asset prices are at all-time highs. We expect there will be an adjustment at some point.” This strikes me as mission creep.
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Central Bankers Are Risking Mission Creep by Talking Down Stocks
