Supervision should be an alternative to monetary policy actions for dealing with asset bubbles and imbalances, Federal Reserve Bank of Boston president and chief executive officer Eric Rosengren said yesterday.

“If we take a good, hard analytical look at the last recovery, we see that the low fed funds rate was not the standout, and stand-alone, culprit that many assume,” he told an audience in Philadelphia, according to a prepared text of the speech released by the Fed.

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