ST. LOUIS — Federal Reserve Gov. Jeremy Stein denied Thursday that the low interest rates which the Fed set early in the last decade helped cause the financial crisis.

Stein said interest rate spreads — not the record low, absolute levels of rates - are the most important thing to watch now in trying to assess whether there is excessive risk-taking in credit markets that the Fed needs to address.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.