The more moderate version of the orthodox view though has many supporters, especially among central bankers. It says that asset prices should be ignored beyond their impact on consumer price inflation via the regular transmission mechanism channel. The regular transmission mechanism would include wealth effects resulting from changes in asset prices.
For a short time, an overly ample provision of central bank liquidity to the banking sector is not incompatible with our mandate to maintain purchasing power. We can adjust the interest rate for these operations at any time. And excessive liquidity is automatically returned: banks demand less liquidity as soon as the monetary transmission mechanism improves. This process is in full swing.