A similar reference to house prices in explaining the decision to raise rates was made in the press release of January 20, 2006. The above statements suggest that some central bankers advocate that asset prices, and in particular, house prices, should have a special role in the conduct of monetary policy over and above their foreseeable effect on inflation and employment.
Rather than fearing  BIS central bankers’ speeches  1  broad-based deflation, the Governing Council is more concerned about a too prolonged period of low inflation.