Similarly, if the economy is growing at an unsustainably quick rate, more-restrictive financial conditions (in the form of higher mortgage rates, auto financing rates, and corporate bond rates, for example) can help to restrain spending and reduce the risk of an inflationary overshoot.
Although the FOMC's ultimate objective is to provide the appropriate degree of financial stimulus to the economy, the Committee has no direct control over the key interest rates and asset prices that jointly determine the extent of financial stimulus, as I have already noted.