We don't look at stock prices and say, 'If they are rising we have to raise interest rates,' ... To the extent that the stock market affects the economy, we will respond to that.
The addition of the Chinese economy to the global marketplace will result in a more efficient worldwide allocation of resources and will raise standards of living in China and its trading partners,
high enough to raise questions about whether shares are overvalued.
I don't think we did pop the bubble. We did raise interest rates in 1999, and the reason we did that is that real long-term rates were beginning to rise because the economy was beginning to accelerate,