We don't know enough about the behaviour of asset prices, much less their linkages to the economy through the financial sector, to make such forecasts with any confidence. Nor do we know much about how the dynamics might respond to monetary policy. So we cannot easily identify the optimal response to the situation.
There would, as well, be significant communication issues associated with a policy which sought to reduce the risks associated with asset price developments, but which carried the side effect of slowing the economy. But despite the difficulties, it seems to me that thinking through the nature of risks posed by these asset price swings is helpful.