With stock and property prices once again setting records, Jerome Powell will likely face some agonizing trade-offs in the next year or two
Any central banker watching the stock market today should get a queasy sense of déjà vu.
A housing boom preceded the last recession. A tech stock bubble ushered in its forerunner.
Today, stock and property prices are once again setting records, in absolute terms and relative to household incomes. That may leave the Federal Reserve and Jerome...