"The Economy Is Flexible and Resilient"

Minneapolis Fed President Gary Stern is confident that policy that's approximately correct is good enough in most situations

Minneapolis Federal Reserve Bank President Gary Stern has no illusions about the importance of the central bank to the economy. In a June 1 interview with BusinessWeek Senior Writer Rich Miller, the 22-year central bank veteran argues that the Fed only needs to get policy "approximately correct" for the resilient U.S. economy to grow. Edited excerpts of their conversation follow:

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