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.
By Steve Stecyk and edited by Cristina Markham