Bloomberg Businessweek

The Fed Keeps Its Eye on Swings in the Stock Market

• Janet Yellen may be leaning toward the idea that Wall Street can be an early economic indicator

• “Animal spirits in financial markets wax and wane”

William Dudley, president of the Federal Reserve Bank of New York, has long believed that Fed policy-makers should pay more attention to stock market swings. Now, with the Fed lifting rates for the first time in almost 10 years, Dudley, who also serves as vice chairman of the Fed’s Open Market Committee, has a chance to put his ideas into practice.

The Fed has a dual mission: to keep unemployment low and prices stable,

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