Lacker, Jeffrey

It's a tough, tough choice as a policy maker. It's always tempting to think, ``Well, I know where this is going to go, let's just smooth out the path and get it there.'' Or to come to the judgment that things are overshooting and they've really gone too far. But I tend to have some respect for market processes in times like this. And I like to approach this with some humility about policy makers' ability to asses where mortgage backed securities should trade, just as we were genuinely humble about what we could say about where tech stocks should trade through.