by Calculated Risk on 7/18/2008 05:06:00 PM

From Bloomberg: Fed's Stern Says Rate Rise Can't Wait for Crisis End

``We can't wait until we clearly observe the financial markets at normal, the economy growing robustly, and so on and so forth, before we reverse course,'' Stern, president of the Federal Reserve Bank of Minneapolis, said in an interview today.
...
``We're pretty well-positioned for the downside risks we might encounter from here,'' said Stern, 63, the Fed's longest- serving policy maker. ``I worry a little bit more about the prospects for inflation.''

Market participants expect no rate change through at least the September meeting. Stern is a voting member of the FOMC.